jojobanana2015
Answered

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Given the lease terms below, what is the total price of this car if you buy it
after leasing, and you do not get the security deposit back?

Terms:
• Length of lease: 36 months
• MSRP of the car: $21,400
• Purchase value of the car after lease: $17,100
• Down payment: $1,500
• Monthly payment: $229
• Security deposit: $350
• Acquisition fee: $700

Answer choices:
A. $29,246
B. $27,894
C. $21,100
D. $24,678

Sagot :

Samawati

Answer:

B. $27,894

Explanation:

Total price will be all the costs incurred from leasing to buying.

Purchase value of the car after lease: $17,100

Down Payment: $1500

Monthly Payment: $229 x 36 = $8,244

Security Deposit: $350

Acquisition fee: $700

Total costs = $17, 100+ $1500 +  $8,244 + $350 + $700

= $27,894

Answer: B

Explanation:

Confirmed

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