Ray is leasing a car for his business. He is making monthly payments for three years at 4.5% compounded annually. The purchase price of the car is $40,000 with a residual value of $15,000 at the end of the three years. What is the size of the monthly lease payments excluding taxes if Ray makes a down payment of $5000?

Question

Quizplus · Accepted Answer

The Answer of Ray is leasing a car for his business. He is making monthly payments for three years at 4.5% compounded annually. The purchase price of the car is $40,000 with a residual value of $15,000 at the end of the three years. What is the size of the monthly lease payments excluding taxes if Ray makes a down payment of $5000?

Ray Is Leasing a Car for His Business