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Murljashka [212]
3 years ago
12

Tim needs a new car while he attends college in the United States for the next three years. The car he would like has a MSRP of

$15,000. A local dealer can get him a 3-year loan with a 7% interest rate if Tim can give them a $1,500 down payment.
The same dealer offers the same car to lease with a money factor of 0.00271 and a residual value of 75%. The lease requires an additional fee of $1,250 to cover Tim’s security deposit and the acquisition and documentation fees for the car.

Tim is looking to drive the car home with the smallest initial out-of-pocket cost. Which of the following statements is true?
a.
The initial out-of-pocket cost is less for the lease.
b.
The initial out-of-pocket cost is less for the loan.
c.
The initial out-of-pocket cost is the same for the lease and loan.
d.
The initial out-of-pocket cost for a lease is not comparable to that of a loan.
Mathematics
2 answers:
lilavasa [31]3 years ago
4 0

Answer:

Its A. The initial out-of-pocket cost is less for the lease.

Step-by-step explanation:

I just got it right:)

Cloud [144]3 years ago
4 0

Answer:

A.  The initial out-of-pocket cost is less for the lease.

Step-by-step explanation:

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What is 11 1/2 + 10 11/16=
ahrayia [7]

Hey!



To solve this equation, we must first convert the mixed numbers into improper fractions. To do that we'll multiply the denominator by the whole number and add the total to the numerator.


<em>Original Equation :</em>

11\frac{1}{2} + 10\frac{11}{16} = ?


<em>New Equation {Converted Mixed Numbers Into Improper Fractions} :</em>

\frac{23}{2} + \frac{171}{16} = ?


Now that we've successfully changed our equation, we'll move onto the next step. Next we'll have change the fractions one more time so that the denominators are the same. To do that we'll multiply two by eight to get sixteen. We'll also be multiplying the top portion of the fraction by eight, because whatever you do to the bottom must also be done to the top; And vise versa.


<em>Fraction Conversion :</em>

\frac{23*8}{2*8} = \frac{184}{16}


So, now that we have our new fraction we can go ahead and plug that into our equation so we can start adding. Remember, we don't add the denominators, just the numerators.


<em>Old Equation :</em>

\frac{23}{2} + \frac{171}{16} = ?


<em>New Equation {Input New Fraction With Common Denominator} :</em>

\frac{184}{16} +\frac{171}{16} = ?


<em>Solution {New Equation Solved} :</em>

\frac{355}{16}


Now I'm not exactly sure how your instructor will accept your answer, but most prefer the final answer to be in the simplest form. In other words, they don't want it in the form of an improper fraction. They'd most likely rather have it as a mixed number.


<em>New Solution {Converted to a Mixed Number} :</em>

22\frac{3}{16}


Since the fraction cannot be simplified anymore, this should be our final answer.

<em>So, this means that the answer to the equation is </em> 22\frac{3}{16}.


Hope this helps!



- Lindsey Frazier ♥

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