You are at a dealership considering the purchase of a car that would cost $34,000 if paid for in cash. The salesperson offers you an option to instead get a lease with a 5.4% annual interest rate and a $3,400 payoff due at the end of the lease. If you would start making the monthly payments of $700 beginning one month from now, how many total payments would be required under the lease? Round to the nearest integer.

You are at a dealership considering the purchase of a car that would cost $34,000 if paid for in cash. The salesperson offers you an option to instead get a lease with a 5.4% annual interest rate and a $3,400 payoff due at the end of the lease. If you would start making the monthly payments of $700 beginning one month from now, how many total payments would be required under the lease? Round to the nearest integer.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 1P

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