Question: Please use Matlab and a user defined function. Thanks! The monthly lease payment, Pmt, of a new car can be calculated by: Pmt=11+(1+12i)n1[Pv(1+12i)nFv] where Pv
The monthly lease payment, Pmt, of a new car can be calculated by: Pmt=11+(1+12i)n1[Pv(1+12i)nFv] where Pv and Fv are the present value and the future value (at the end of the lease) of the car, respectively. n is the duration of the lease in months, and i is the interest rate per year. Consider a 36-months-lease of a car with a present value of $38,000 and a future value of $23,400. Calculate the monthly payments if the yearly interest rates are 3,4,5,6,7, and 8%. To carry out the calculation, first create a six-element vector with the values of the interest rates (0.03,0.04,). Then use the vector in the formula using element-by-element operations. Hint: Use a user-defined function to display the obtained vector of 6 entries. Also, use the proper format that displays each entry of the Pmt with one to three decimal places (e.g., 152.46 or 96.2). You will lose points if you use the default format that gives you an answer such as 1.0e+2 * 1.52468792164
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