1. The problem gives the residual value in percentage, and you need it in dollars. So, if the MSRP for the car Jennifer is leasing is $ 17,500, you have:
57%/100=0.57
residual value=$17,500*0.57= $9,975
2. Then, you need to substract the residual value and the lease term, to calculate the value of the car, as below:
car value=$17,500-$9,975=$7,525
3. You need to calculate the money factor, which is the interest rate divided by 2400. Then, you have:
Interest rate=9%/100=0.09
Money factor=0.09x2400
Money factor=0.00375
4. The interest is:
I=($17,500+$9,975)(0.00375)
I=$103.03
5. Therefore, the monthly payment is:
Monthly payment=(car value/36 months)+Interest
Monthly payment=($7,525/36)+$103.03
Monthly payment=$209.02+$103.03
Monthly payment=$312.06
What will Jennifer’s monthly lease payment be?
The answer is: d. $312.06
Answer:
x= -7/4
Step-by-step explanation:
8x= -14
Divide both sides by 8
8x/8 = -14/8
Simplify
x= -7/4
700beats/10min=70bpm
2 min to beat 140 times
Answer: n = -4
3n - 3 = 4n + 1
Add 3 to both sides
3n = 4n + 4
Subtract 4n from both sides
-n = 4
Divide by -1 on both sides
n = -4
