Answer:
The approximate monthly payment is $383
Explanation:
Here, we want to calculate the approximate monthly payment on a 3-year lease agreement and we have been told what to do in the question.
Firstly, we start off by subtracting 48% residual value from the MSRP
48% of 26,500 = 48/100 * 26,500 = $12,720
We subtract this from $26,500
That will be $26,500 - $12,720 = $13,780
We have 3 years and that is 36 months
So the approximate monthly payment will be;
$13,780 / 36 = 382.7777777777778 which is approximately $383 to the nearest whole digit
