You end up leasing $18,842.36 for 4 years. Your down payment was $1,455. The interest rate is 1.32% compounded monthly. The lease payment is monthly and due at the beginning of the month. After 4 years, there is residual owing on a leased vehicle. You have the option of returning the vehicle after a lease term or buying it out. Assume you choose to purchase the vehicle after the lease term and have saved for this opportunity. You pay the $12,317 residual plus tax at 12%. What is the total amount you have paid to own this car?
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
You end up leasing $18,842.36 for 4 years. Your down payment was $1,455. The interest rate is 1.32% compounded monthly. The lease payment is monthly and due at the beginning of the month.
After 4 years, there is residual owing on a leased vehicle. You have the option of returning the vehicle after a lease term or buying it out. Assume you choose to purchase the vehicle after the lease term and have saved for this opportunity. You pay the $12,317 residual plus tax at 12%. What is the total amount you have paid to own this car?
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