question archive You are going to lease a new car
You are going to lease a new car
Subject:FinancePrice:2.86 Bought3
You are going to lease a new car. The sticker price for the car is ?$47,000. The term of the lease is 60 ?months, the rate on the lease is 3.2?%, and the buyout is ?$20,000. If you decide not to make a down? payment, then what are the monthly lease payments? (before tax)?
The monthly lease payments are ?$
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The monthly lease payments are ?$540.89
Step-by-step explanation
Calculating Monthly Payment,
Using TVM Calculation,
PMT = [PV = 47,000, FV = -20,000, N = 60, I = 0.032/12]
PMT = $540.89
Monthly Payment = -$540.89
