Marisa leases a car that has a purchase price of $63,500 with an MSRP of $66,950 and decides to lease the car for 36 months. Find the monthly lease payment (in dollars) if the annual interest rate is 4.5%, the trade-in of her car was $25,000, she makes a $3,000 down payment, the residual value is 45% of the MSRP. Include a sales tax of 6.25%. Round your answer to the nearest cent.
Marisa leases a car that has a purchase price of $63,500 with an MSRP of $66,950 and decides to lease the car for 36 months. Find the monthly lease payment (in dollars) if the annual interest rate is 4.5%, the trade-in of her car was $25,000, she makes a $3,000 down payment, the residual value is 45% of the MSRP. Include a sales tax of 6.25%. Round your answer to the nearest cent.
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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Marisa leases a car that has a purchase price of $63,500 with an MSRP of $66,950 and decides to lease the car for 36 months. Find the monthly lease payment (in dollars) if the annual interest rate is 4.5%, the trade-in of her car was $25,000, she makes a $3,000 down payment, the residual value is 45% of the MSRP. Include a sales tax of 6.25%. Round your answer to the nearest cent.
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