Given, the signing cost of leasing a convertible includes the title and license fee. The signing cost is $1599.
The monthly lease payments is $700 per month. We know that there are 12 months in a year.
There are 12000 miles allowed per year where the overage charge is $0.12 per mile. But here any miles not given where we can get the overage charge.
Now let's take the number of months the lease last be x months
The total lease cost given $18,400.
We can write the equation as,
Wehave to move 1599 to the other side by subtracting it from both sides.
We can find x by moving 700 to the other side. We can move 700 to the other side by dividing it to both sides. We will get,
( by taking the nearest whole number)
So we have got the required answer.
The lease lasts for 24 months.