biscen

You are considering either leasing or purchasing a car. You notice an ad that says you can lease the car you want for $$403\mathrm{.}00$ per month. The lease term is $60$ months with the first payment due at inception of the lease. You must also make an additional down payment of $$1,570.$ The ad also says that the residual value of the vehicle is $$16,435.$ The list price of the vehicle is $$28,449,$ but after much research, you have concluded that you could buy the car for a total "drive$-$out" price of $$26,100.$ What is the quoted annual interest rate you are actually paying with the lease?

$12\mathrm{.}56\%$

$15\mathrm{.}28\%$

$15\mathrm{.}57\%$

$12\mathrm{.}33\%$

$13\mathrm{.}51\%$