You have just leased a car. The lease is for three years with monthly payments due at the beginning of the month. The APR on the lease is 6%. If the present value of the lease is $12,000, what is the monthly payment on the lease? Please round your answer to four decimal places.

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 have just leased a car. The lease is for three years with monthly payments due at the beginning of the month. The APR on the lease is
6%. If the present value of the lease is $12,000, what is the monthly payment on the lease?
Please round your answer to four decimal places.
Transcribed Image Text:You have just leased a car. The lease is for three years with monthly payments due at the beginning of the month. The APR on the lease is 6%. If the present value of the lease is $12,000, what is the monthly payment on the lease? Please round your answer to four decimal places.
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