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Kruka
14 days ago
7

to calculate your monthly lease payment on a three-year lease using the "residual value" of a $26,500 MSRP car, subtract the 48%

residual value from the MSRP and divide the result by the number of agreed upon months. What is the approximate monthly payment on a three-year lease agreement?
Business
1 answer:
marusya05 [3.1K]14 days ago
6 0

Answer:

The estimated monthly payment amounts to $383

Explanation:

In this case, we aim to determine the estimated monthly payment for a lease of 3 years, and the question outlines the steps involved.

To start, we take the MSRP and deduct the residual value of 48%

Calculating 48% of $26,500 gives us 48/100 * 26,500 = $12,720

We then subtract this value from $26,500

This results in $26,500 - $12,720 = $13,780

With a duration of 3 years, that translates to 36 months

Thus, the estimated monthly payment can be calculated as;

$13,780 / 36 = 382.7777777777778 which rounds to approximately $383

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