You are thinking about leasing a car. The purchase price of the car is $34,000....
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You are thinking about leasing a car. The purchase price of the car is $34,000. The residual value (the amount you could pay to keep the car at the end of the lease) is $15,000 at the end of 36 months. Assume the first tease payment is due one month after you get them. The interest rate implicit in the lease is 5% APR compounded monthly. What will be your lease payments for a 36-month lase? (Note: Be careful not to round any intermediate stops less than six decimal places) Your monthly lease payments will be $(Round to the nearest cent.)
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