Compute the monthly payments on a 3-year lease for a $25,704 car if the annual rate...
Compute the monthly payments on a 3-year lease for a $25,704 car if the annual rate of depreciation is 14% and the lease's annual interest rate is 5.5%. Round your answer to the nearest dollar.
Homework Answers
Monthly payment = car amount / cummulative discount factor
Cummulative discount factor = (1-(1+i)^-n)/i
I= 5.5% /12 = 0.0045833
n= 3*12= 36
Cummulative discount factor = (1-(1+0.004583)^-36)/0.0045833= 33.1173
Month payment = 25704/ 33.1173= 776.15
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