Question

Victoria Santos recently leased a new convertible. The $1599 due at signing includes the title and license fee. Her monthly lease payments are $700 per month. The leasing company allows 12,000 miles per year with a $0.12 per mile overage charge. If the total lease cost is $18,400, for how many months does the lease last?

Answer 1

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,

$18400 = 1599 +700x$

Wehave to move 1599 to the other side by subtracting it from both sides.

$18400-1599=1599+9840x-1599$

$16801 = 700x$

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,

$\frac{16801}{700} = \frac{700x}{700}$

$24 = x$ ( by taking the nearest whole number)

So we have got the required answer.

The lease lasts for 24 months.

Answer 2

18,400
- 1,599
= 16,801/700

About 24 months