3. You lease a car for $300 a month, after putting down $1000. The terms of the lease has a mileage limit of 12,000 miles per year. Any miles driven over that amount is charged $0.15 per mile. At the end of your 3 year lease, you max payout must be no more than $13,500. How many miles on average can you drive per year and still stay on budget?

3. You lease a car for $300 a month, after putting down $1000. The terms of the lease has a mileage limit of 12,000 miles per year. Any miles driven over that amount is charged $0.15 per mile. At the end of your 3 year lease, you max payout must be no more than $13,500. How many miles on average can you drive per year and still stay on budget?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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