Contemporary Engineering Economics 6th Edition by Chan Park

تمرين 93

The Toyota Motor Company is advertising a 24-month lease of a 2014 Camry for $189 payable at the beginning of each month. The lease requires a $2,399 down payment plus first month payment. No security deposit is required. Lessee pays maintenance, excess wear and tear, and $0.18 per mile over 12,000 miles per year. Lease-end purchase option is $17,784 and lease payments total $4,536. A disposition fee of $350 is due at lease-end. Assuming an interest rate of 6% compounded monthly, what is the total cost of leasing if you put 40,000 miles at the end of lease