Ernst Mller leased a car with a net capitalized value of $34,700 + GST. Ernst lives in province that doesn't have a provincial sales tax. Ernst has $7,350 available to use as a down payment towards the vehicle. The lease has a term of 36 months with an APR of 3.9% and the vehicle has a residual value of $23,200. 1. How much principal will be paid down during the lease term? $ 2. What is the money factor used in the lease? 3. Calculate the lease payment for Ernst: $ a) Monthly depreciation fee: b) Monthly finance charge: c) Tax: