You are thinking about leasing a car. The purchase price of the car is $30,000. The residual value (the a could pay to keep the car at the end of the lease) is $15,000 at the end of 36 months. Assume the first l s due one month after you get the car. The interest rate implicit in the lease is 6.00% APR, compounde What will be your lease payments for a 36-month lease? (Note: Be careful not to round any intermediate than six decimal places.) four monthly lease payments will be $. (Round to the nearest cent.)

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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You are thinking about leasing a car. The purchase price of the car is $30,000. The residual value (the amount you
could pay to keep the car at the end of the lease) is $15,000 at the end of 36 months. Assume the first lease payment
is due one month after you get the car. The interest rate implicit in the lease is 6.00% APR, compounded monthly.
What will be your lease payments for a 36-month lease? (Note: Be careful not to round any intermediate steps less
than six decimal places.)
Your monthly lease payments will be $
(Round to the nearest cent.)
Transcribed Image Text:You are thinking about leasing a car. The purchase price of the car is $30,000. The residual value (the amount you could pay to keep the car at the end of the lease) is $15,000 at the end of 36 months. Assume the first lease payment is due one month after you get the car. The interest rate implicit in the lease is 6.00% APR, compounded monthly. What will be your lease payments for a 36-month lease? (Note: Be careful not to round any intermediate steps less than six decimal places.) Your monthly lease payments will be $ (Round to the nearest cent.)
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