Answered

Westonci.ca offers fast, accurate answers to your questions. Join our community and get the insights you need now. Get immediate answers to your questions from a wide network of experienced professionals on our Q&A platform. Get precise and detailed answers to your questions from a knowledgeable community of experts on our Q&A platform.

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 ralph’s approximate monthly lease payment. a. $145.00 b. $230.40 c. $248.89 d. $443.73 please select the best answer from the choices provided a b c d

Sagot :

abiolataiwo2015

If the residual value is 72%. Approximate monthly lease payment is: d. $443. 73.

Monthly Lease payment

First step is to find the residual value

Residual value=$32,000×72%

Residual value=$23,040

Second step is to find the depreciation and base monthly lease payment

Depreciation=$32,000-$23,040

Depreciation=$8,960

Base monthly lease payment=$8,960/36

Base monthly lease payment=$248.89

Third step is to find the Interest per month

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

Interest per month=$55,040×0.00354

Interest per month=$194.84

Last step is to calculate the lease payment

Monthly lease payment=$248.89+$194.84

Monthly lease payment=$443.73

Therefore  Ralph approximate monthly lease payment is: d. $443. 73.

Learn more about monthly lease payment here:brainly.com/question/25795577

https://brainly.com/question/17772619

#SPJ4

Thank you for your visit. We are dedicated to helping you find the information you need, whenever you need it. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Thank you for trusting Westonci.ca. Don't forget to revisit us for more accurate and insightful answers.