Leonard signed a 5-year lease on his car. The car cost $36,000 and he made a 20%
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Leonard signed a 5-year lease on his car. The car cost $36,000 and he made a 20% down payment toward the lease and his monthly lease payments are made at the beginning of the month beginning June 1, 2009. He is paying interest of 4.8% on the lease and plans to buy the car for the 20% buyout when the lease expires. The car has a current market value of $28,000.
a) How much is remaining on the lease at December 31st, 2013?
Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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