Alexis just purchased a new vehicle. Her lease is for 4 years, at an interest rate of 2% compounded monthly. Her payments are $949.63 due at the beginning of every month if she paid a down payment of $7,500 and the residual value at the end of the lease is $17,500. What was the seling price (MSRP) of the vehicle? Round your final answer to the nearest dollar. P/Y PV PMT FV
Alexis just purchased a new vehicle. Her lease is for 4 years, at an interest rate of 2% compounded monthly. Her payments are $949.63 due at the beginning of every month if she paid a down payment of $7,500 and the residual value at the end of the lease is $17,500. What was the seling price (MSRP) of the vehicle? Round your final answer to the nearest dollar. P/Y PV PMT FV
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter27: Time Value Of Money (compound)
Section: Chapter Questions
Problem 5E
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