You are considering either leasing or purchasing a car. You notice an ad that says you can lease the car you want for $399.00 per month. The lease term is 36 months with the first payment due at inception of the lease. You must also make an additional down payment of $2,030. The ad also says that the residual value of the vehicle is $14,022. The list price of the vehicle is $27,686, but after much research, you have concluded that you could buy the car for a total "drive-out" price of $25,400. What is the quoted annual interest rate you are actually paying with the lease? 4.61% 8.79% 8.97% 4.52% 5.07%
Functions of the Federal Reserve System
The Federal Reserve System looks after the financial activities and operations of the banking system. It is the apex body that has complete control over the banking regulations. All the guidelines regarding the banking system, money supply, and formulation of the monetary policy come under the purview of the Federal Reserve System. The New York Fed also helps in drafting the monetary policy and supervising the financial system.
Elastic and Inelastic Markets
Measuring the change in percentage of an economic variable with respect to change in a different economic variable is known as elasticity. This change in percentage results in a change in price concerning changes in other factors. In simple terms, when one factor brings a change to another factor, it is called elasticity.
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