A car dealer offers a person a purchase offer and a lease offer on a new car. The person can buy the car outright for $22,000 or he can lease it for a start-up fee of $3000 plus monthly payments of $400. a. Find the linear function y=f(m) that gives the total amount the person has paid on the lease option after m months. b. Graph the lease function in part (a) for 0≤m≤44. c. How much has the person paid on the lease after 44 months?
A car dealer offers a person a purchase offer and a lease offer on a new car. The person can buy the car outright for $22,000 or he can lease it for a start-up fee of $3000 plus monthly payments of $400. a. Find the linear function y=f(m) that gives the total amount the person has paid on the lease option after m months. b. Graph the lease function in part (a) for 0≤m≤44. c. How much has the person paid on the lease after 44 months?
Algebra for College Students
10th Edition
ISBN:9781285195780
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter8: Functions
Section8.CT: Test
Problem 19CT
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A car dealer offers a person a purchase offer and a lease offer on a new car. The person can buy the car outright for $22,000 or he can lease it for a start-up fee of $3000 plus monthly payments of $400.
a. Find the linear function y=f(m) that gives the total amount the person has paid on the lease option after m months.
b. Graph the lease function in part (a) for 0≤m≤44.
c. How much has the person paid on the lease after 44 months?
d. At the end of a 44-month lease period, the car has a residual value of $10,000, which is the amount that the person could pay the dealer to buy the car. Given the result of part (c) and assuming no other costs, should he buy or lease the car? Explain.
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