Lease payments of $425 per month on a car costing $35,000 are advertised by a dealer. The down payment required is $5000, and the residual value of the car is $14,000 after four years. What rate of interest compounded monthly is built into the lease?

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The Answer of Lease payments of $425 per month on a car costing $35,000 are advertised by a dealer. The down payment required is $5000, and the residual value of the car is $14,000 after four years. What rate of interest compounded monthly is built into the lease?

Lease Payments of $425 Per Month on a Car Costing