A longer-term, fully-amortized lease under which the lessee is responsible for insurance, taxes, and upkeep, and which the lessee generally cannot cancel without penalty, is called a(n):

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A financial lease, also known as a capital lease, typically involves a longer-term agreement where the lessee is responsible for maintenance, taxes, and insurance, and cannot cancel the lease without penalty. This type of lease effectively makes the lessee the economic owner of the asset.

A Longer-Term, Fully-Amortized Lease Under Which the Lessee Is Responsible