A vehicle can be purchased by paying $18,000 now, or it can be leased by paying $515 per month for the next three years, with the first payment due on the day of signing the lease. What nominal annual rate of interest compounded monthly is charged on the lease?
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- A car can be purchased by paying $27 000 now or can be leased by paying $725 per month for the next four years, with the first payment due on the day of signing lease. What nominal rate of interest is charged on the lease?a car can be purchased by paying $27000 now or can be leased by paying $725/month for the next four years with the first payment due on the day of signing the lease. What nominal rate of interest is charged on the leaseTo lease the car then purchase at the end of the five-year lease. The purchase price is $19,894. The sales tax rate is 15%. The interest rate for leasing the car is 7.49%. The monthly lease payment, including the sales tax, is $324.70. The residual value of the vehicle at the end of the lease term is $8,296.85. Initial amount due at signing: First monthly payment. Based on the information above, calculate the following; a).Initial payment due at signing. b). Total of all monthly payments. c). Residual cost at conclusion of lease. This is what you pay if you decide to purchase the vehicle, so it will include sales tax. d). Total cost if you lease then purchase at the end of the five-year lease.
- Lease payments of $675 per month on a car costing $59,000 are advertised by a dealer. The lease is for 6 years, requires a down payment of $11,000 and has a residual value of $9,000 at the end of the lease. What rate of interest compounded semi-annually is built into the lease? Correct your answer to 2 decimal places.What is the nominal annual rate of interest compounded monthly on a lease valued at $28,999.00 if payments of $3000.00 are made at the beginning of every 6 months for 5 years?Compute the monthly payments on a 2-year lease for a $26,532 car if the annual rate of depreciation is 18% and the lease's annual interest rate is 4%. Round your answer to the nearest dollar.
- Find the interest paid on a 3-year lease for a $28,867 car if the car depreciates at an annual rate of 11% and the lease has an annual interest rate of 4.8% Round your answer to the nearest dollar.A contract requires lease payments of $800 at the beginning of every month for 6 years. a. What is the present value of the contract if the lease rate is 4.25% compounded annually? $0.00 Round to the nearest cent b. What is the present value of the contract if the lease rate is 4.25% compounded monthly? $0.00 Round to the nearest centA contract requires lease payments of $900 at the beginning of every month for 5 years. a. What is the present value of the contract if the lease rate is 5.50% compounded annually? b. What is the present value of the contract if the lease rate is 5.50% compounded monthly?
- What is the cash value of a three-year lease that require payments of $2097.64 payable at the beginning of each month for five years if interest is 10% compounded semi-annually?Compute the monthly payments on a 3-year lease for a $28,398 car if the annual rate of depreciation is 14% and the lease's annual interest rate is 3.7%.Find the interest paid on a 3-year lease for a $26,765 car if the car depreciates at an annual rate of 10% and the lease has an annual interest rate of 4.8%.