Question

Given the lease terms below, find the total lease cost, assuming that the deposit is nonrefundable.

Answer 1

Answer: The total cost of the lease is $12,342.

To find the total cost of the lease, we have to add up all the costs that you will be responsible for.

You will have to pay the down payment, the monthly payment, security deposit and the acquisition fee.

However, don't forget that you have to multiply the monthly payment by 36 months.

1500 + 36(272) + 350 + 700 =12342