You are at a dealership considering the purchase of a car that would cost $34,000 if paid for in cash. The salesperson offers you an option to instead get a lease with a 5.4% annual interest rate and a $3,400 payoff due at the end of the lease. If you would start making the monthly payments of $700 beginning one month from now, how many total payments would be required under the lease? Round to the nearest integer.
You are at a dealership considering the purchase of a car that would cost $34,000 if paid for in cash. The salesperson offers you an option to instead get a lease with a 5.4% annual interest rate and a $3,400 payoff due at the end of the lease. If you would start making the monthly payments of $700 beginning one month from now, how many total payments would be required under the lease? Round to the nearest integer.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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You are at a dealership considering the purchase of a car that would cost $34,000 if paid for in cash. The salesperson offers you an option to instead get a lease with a 5.4% annual interest rate and a $3,400 payoff due at the end of the lease. If you would start making the monthly payments of $700 beginning one month from now, how many total payments would be required under the lease? Round to the nearest integer.
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