Answered

Westonci.ca is your go-to source for answers, with a community ready to provide accurate and timely information. Join our Q&A platform and connect with professionals ready to provide precise answers to your questions in various areas. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals.

Ralph is leasing a $32,000 car for 36 months. The terms of his lease include an 8. 5% interest rate (money factor of 0. 00354) and a residual value of 72%. Determine Ralpha's approximate monthly lease payment. A. $145. 00 b. $230. 40 c. $248. 89 d. $443. 73.

Sagot :

abiolataiwo2015

Based on the information given Ralpha's approximate monthly lease payment is d. $443. 73.

Residual value=$32,000×72%

Residual value=$23,040

Depreciation=$32,000-$23,040

Depreciation=$8,960

Base monthly lease payment=$8,960/36

Base monthly lease payment=$248.89

Interest per month=($32,000+$23,040)×0.00354

Interest per month=$55,040×0.00354

Interest per month=$194.84

Monthly lease payment=$248.89+$194.84

Monthly lease payment=$443.73

Inconclusion Ralpha's approximate monthly lease payment is d. $443. 73.

Learn more about monthly lease payment here:https://brainly.com/question/15456400

Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. We hope this was helpful. Please come back whenever you need more information or answers to your queries. Find reliable answers at Westonci.ca. Visit us again for the latest updates and expert advice.