1. The problem gives the residual value in percentage, and you need it in dollars. So, if the MSRP for the car Jennifer is leasing is $ 17,500, you have:
57%/100=0.57
residual value=$17,500*0.57= $9,975
2. Then, you need to substract the residual value and the lease term, to calculate the value of the car, as below:
car value=$17,500-$9,975=$7,525
3. You need to calculate the money factor, which is the interest rate divided by 2400. Then, you have:
Interest rate=9%/100=0.09
Money factor=0.09x2400
Money factor=0.00375
4. The interest is:
I=($17,500+$9,975)(0.00375)
I=$103.03
5. Therefore, the monthly payment is:
Monthly payment=(car value/36 months)+Interest
Monthly payment=($7,525/36)+$103.03
Monthly payment=$209.02+$103.03
Monthly payment=$312.06
What will Jennifer’s monthly lease payment be?
The answer is: d. $312.06
Taxable income = 3854
they have been taking taxes out in the amount of 344 for 12 months.....344* 12 = 4128....so they took out too much....so there is a refund of 4128 - 3854 =
274 refund
Joyce and Tina had an equal amount of money
Lets x = # of days they spent money
Joyce spent $24 still had $64 left = 24x + 64
Tina spent $28 a day and spent all her money, no left = 28x
Both has equal amount of money so
28x = 24x + 64
Subtract 24x from both sides
4x = 64
Divide both sides by 4
x = 16
Answer:
Tina spent all her money in 16 days.
Y= -1/4x + 5/4
because -1/4 is the slope and 5/4 is the y intercept
