Question

The monthly payment for a car lease us $530 for 18 months. The down payment is $2000. The residual value is $7000. What is the total cost of the lease

Answer 1

Answer:

$18,540

Step-by-step explanation:

Tina made a down payment = $2000

Her monthly payment amount = $530 for 18 months.

The total amount = Down payment + monthly total amount for 18 months

= $2000 + 18 * $530

= $2000 + $9540

= $11,540

Finally we will add the residual value: $11540 + $7000

= $18,540

The total cost of the lease = $18,540

Thank you.