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7. Dan leased a Ford truck for three years by paying $4000 up front and payments of $185 per month. The lease stipulated he would be charged $0.15/mile for any mileage in excess of 36,000. When he returned the truck at the end of the lease, it had 39,221 miles on it. What was the total cost of the lease?

7. Dan leased a Ford truck for three years by paying $4000 up front and payments of $185 per month. The lease stipulated he would be charged $0.15/mile for any mileage in excess of 36,000. When he returned the truck at the end of the lease, it had 39,221 miles on it. What was the total cost of the lease?

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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**Transcription:** Dan leased a Ford truck for three years by paying $400 up front and payments of $185 per month. The lease stipulated he would be charged $0.15/mile for any mileage in excess of 135,000. When he returned the truck at the end of the lease, it had 139,221 miles on it. What was the total cost of the lease? **Source:** Applied Mathematics, Fourth Edition **Explanation:** - **Lease Details:** - **Upfront Payment:** $400 - **Monthly Payments:** $185 - **Lease Duration:** 3 years - **Mileage Limit:** 135,000 miles - **Excess Mileage Charge:** $0.15 per mile - **Mileage Information:** - **Total Miles Driven:** 139,221 miles - **Excess Miles:** 139,221 - 135,000 = 4,221 miles - **Calculation Breakdown:** - Calculate the total monthly payments for 3 years. - Determine the excess mileage charge. - Add these costs to the upfront payment to find the total lease cost.
Transcribed Image Text:**Transcription:** Dan leased a Ford truck for three years by paying $400 up front and payments of $185 per month. The lease stipulated he would be charged $0.15/mile for any mileage in excess of 135,000. When he returned the truck at the end of the lease, it had 139,221 miles on it. What was the total cost of the lease? **Source:** Applied Mathematics, Fourth Edition **Explanation:** - **Lease Details:** - **Upfront Payment:** $400 - **Monthly Payments:** $185 - **Lease Duration:** 3 years - **Mileage Limit:** 135,000 miles - **Excess Mileage Charge:** $0.15 per mile - **Mileage Information:** - **Total Miles Driven:** 139,221 miles - **Excess Miles:** 139,221 - 135,000 = 4,221 miles - **Calculation Breakdown:** - Calculate the total monthly payments for 3 years. - Determine the excess mileage charge. - Add these costs to the upfront payment to find the total lease cost.
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