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Back to 6.11 Buying or Leasing a Car

6.11 Exercise 15

Avg difficulty 2.5

Calculate the lease payments for car with the following price, residual price, length of lease, and money factor or APR.

  1. Price is $28,344, residual price is $18,140.16, 24-month lease, money factor is 0.000025.
  2. Price is $22,500, residual price is $13,050, 36-month lease, APR is 7.5%.

OpenStax Contemporary Mathematics, 6.11 Buying or Leasing a Car, exercise 15

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