You receive a $35,000 car LEASE at 6% nominal annual for 60 months. Interest is compounded daily and you make monthly payments. Your Residual value at the end of your lease is $15,000. Assume LEASE payments are made at the BEGINNING of the month, (first payment due immediately). What is your monthly LEASE payment?
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You receive a $35,000 car LEASE at 6% nominal annual for 60 months. Interest is compounded...
"You receive a $40,000 car LEASE at 5% nominal annual terest for 4 years. Interest is comp ounded monthly and yo make month pay m s. ou RESID aTue at the end of your lease is $12,000. Assume LEASE payments are made at the END of the month, with the first payment due at the end of the 1st month. You can also get a LOAN for the same terms (although you will pay off the entire car in 4...
You are thinking about leasing a car. The purchase price of the car is $ 35,000. The residual value (the amount you could pay to keep the car at the end of the lease) is $ 15,000 at the end of 36 months. Assume the first lease payment is due one month after you get the car. The interest rate implicit in the lease is 5.75 % APR, compounded monthly. What will be your lease payments for a 36-month lease?...
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With a nominal annual interest rate of 6.0%, compounded monthly, at the end of 1 year, would you rather: Receive 12 equal payments (appropriately timed according to our basic cash flow diagrams) of $1,291.00 Receive $15,000 today Receive $16,025 at the end of the year Not enough information None of the above
Determine Car Lease Payments: The term of the lease is 5 years, for 60 monthly payments. The current value of the car is $100,000, and the residual value at the end of year 5 is $42,000. 1.) The annual interest rate (APR) on the lease is 3.0%. Assuming you do not put down any money upfront, what is the monthly lease payment? Please list the formula. 2.) If there is an upfront sales tax of $4,640 you have to pay,...
You wish to buy a car for $12,000 at a 5% annual interest rate, compounded monthly. The loan will be repaid in 5 years with monthly payments. What is your monthly payment (calculated with the equations on the next page)? Compare your answer to that obtained with the built in function, PMT. Be sure to label all cells appropriately. (There is no need to create a monthly payment table, simply use the equations on the next page.) Loans: where: and,...
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