You are thinking about leasing a car. The purchase price of the car is $25,000....
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You are thinking about leasing a car. The purchase price of the car is $25,000. The residual value (the amount you could pay to keep the car at the end of the lease) is $12,500 at the end of 36 months. Assume the first lease payment is due one month after you get the car. The interest rate implicit in the lease is 6% APR, compounded monthly. What will your lease payments be (in $) for a 36 month lease assuming monthly payments? (Round your answer to the nearest cent.)
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