Question 8 2 points Save Answer In recent years, 2096 to 25% of new vehicles were leased. The main elements of a typical lease contract are as follows: The lessee makes fixed beginning-of-month payments for the term of the lease. The most common term is four years. The lessee is responsible for all vehicle operating costs (including insurance) during the term of the lease. In this respect, leasing does not differ from owning a vehicle. Most leases are closed-end" or "walk away" leases. At the end of the term, the lessee can simply return the vehicle to the car dealer. Alternatively, at the option of the lessee, the vehicle may be purchased for a predetermined amount (called the residual value). The residual value represents the dealer's estimate of the market value of the vehicle at the end of the lease. The interest rate on a lease is applied as a monthly compound rate. Therefore, the monthly lease payments form a simple Annuity Due. The dealer suggests leasing as an alternative. You pay $1,384 down and lease the car for the 3 years, paying only on the portion of the car used. $18,138.45. The tax rate in your province is 13.2% and you are charged tax on the portion of the car used. What is the value of the $18,138.45 lease with tax @ 13.2% minus the $1,384 down payment? Round your answer to two decimal places. Do not enter the dollar sign. Sample input: 24562.23 (Hint:Just work out the tax on the portion on the portion of the car used; then subtract the down payment from this value. No annuity calculations needed here!) Question 8 2 points Save Answer In recent years, 2096 to 25% of new vehicles were leased. The main elements of a typical lease contract are as follows: The lessee makes fixed beginning-of-month payments for the term of the lease. The most common term is four years. The lessee is responsible for all vehicle operating costs (including insurance) during the term of the lease. In this respect, leasing does not differ from owning a vehicle. Most leases are closed-end" or "walk away" leases. At the end of the term, the lessee can simply return the vehicle to the car dealer. Alternatively, at the option of the lessee, the vehicle may be purchased for a predetermined amount (called the residual value). The residual value represents the dealer's estimate of the market value of the vehicle at the end of the lease. The interest rate on a lease is applied as a monthly compound rate. Therefore, the monthly lease payments form a simple Annuity Due. The dealer suggests leasing as an alternative. You pay $1,384 down and lease the car for the 3 years, paying only on the portion of the car used. $18,138.45. The tax rate in your province is 13.2% and you are charged tax on the portion of the car used. What is the value of the $18,138.45 lease with tax @ 13.2% minus the $1,384 down payment? Round your answer to two decimal places. Do not enter the dollar sign. Sample input: 24562.23 (Hint:Just work out the tax on the portion on the portion of the car used; then subtract the down payment from this value. No annuity calculations needed here!)