Master Math: Business and Personal Finance Math by Mary Hansen
Author:Mary Hansen [Mary Hansen]
Language: eng
Format: epub, pdf
Tags: Math & Science
Publisher: Course Technology PTR
Published: 2011-05-16T21:00:00+00:00
Solution:
Calculate the average monthly depreciation by subtracting the residual value from the lease price and dividing by 36 months. Divide the APR by 2,400 to find the money factor. Calculate the finance charge by adding the lease price and the residual value and multiplying by the money factor. Add the average monthly depreciation and the finance charge to find the monthly lease payment.
Average monthly depreciation = = $200
Money Factor = = 0.00375
Finance charge = ($20,000 + $12,800) × 0.00375 = $32,800 × 0.00375 = $123
Monthly lease payment = $200 + $123 = $323
The monthly lease payment without sales tax is $323.
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