Question: James is considering a 3 - year lease ( 3 6 months ) for a car with a sticker price of $ 3 0 ,

James is considering a 3-year lease (36 months) for a car with a sticker price of $30,000 and an estimated residual value of $15,000 at the end of the lease term. The dealership oYers an interest rate of 4% per year, compounded monthly. James will also make a down payment of $2,000 and pay a lease fee of $500.1. What is James's monthly lease payment based on the interest rate, initial value, and residual value? 2. What is the total amount he will pay over the lease term, including the down payment and lease fee?

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