Benjamin is leasing a vehicle worth $28,700, with a down payment of $2,000 and equal payments at the beginning of every month for three years. What is the size of each lease payment if the cost of borrowing is 5.16% compounded monthly and the residual value is $10,500?

Answer rating: 100% (QA)

To calculate the size of each lease payment we can use the formula for the present value of an a... View the full answer