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 7.5%, the trade-in of her car was $35,000, she makes a $3,000 down payment, the residual value is 35% 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 7.5%, the trade-in of her car was $35,000, she makes a $3,000 down payment, the residual value is 35% of the MSRP. Include a sales tax of 6.25%. (Round your answer to the nearest cent.)

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter27: Time Value Of Money (compound)

Section: Chapter Questions

Problem 5E

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Marisa leases a car that has a purchase price of $63,500 with an MSRP of $66,950 and decided 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 $35,000, she makes $3,000 down payment, the residual value is 35%, of the MSRP. Include a sales tax of 7.25%. Round your answer to the nearest cent.)
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