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You are thinking about leasing a car
You are thinking about leasing a car.The purchase price of the car
is $30,000.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 the 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 for a 36-month lease?
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