Question: please highlight the answer You are thinking about leasing a car. The purchase price of the car is $35,000. The residual value (the amount you

please highlight the answer

You are thinking about leasing a car. The purchase price of the car is $35,000. The residual value (the amount you could pay to keep the car at the end of the lease) is $15,000 at the end of 36 months. Assume the first lease payment is due one month after you get the car. The interest rate inplicit in the lease is 6.5% APR. compounded monthly. What will be your lease payments for a 36-month lease? (Note: Be careful not fo round any intermediate steps less than six decimal places.) Your monthly lease payments will be i (Round to the nearest cent.) First, solve for the present value of the residual value of the car using the following formula: PV=(1+r)nFV Next subtract the present value of the residual value of the car from the purchase price of the car to find the lease value. Finally, solve for the monthly payment, using the following formula: C=r1(1(1+r)n1)P You may also use a financial calculator or Excel to solve

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