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