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Back to 6.11 Buying or Leasing a Car

6.11 Exercise 11

Avg difficulty 2.5

  1. The purchase price of a car is $25,000. Its residual price is $14,500. What is its monthly depreciation for a 36-month lease?
  2. The purchase price of a car is $30,000. Its residual price is $18,600. What is its monthly depreciation for a 24-month lease?

OpenStax Contemporary Mathematics, 6.11 Buying or Leasing a Car, exercise 11

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Adapted from Contemporary Mathematics © 2023 Rice University. Licensed under CC BY 4.0. Source: Contemporary Mathematics. Imported at revision fa7c1a1.