Question: valued at $ 4 0 , 0 0 0 . The dealer will let you drive away with no money down. You sign a 5

valued at $40,000. The dealer will let you drive away with no money down. You sign a 5 year lease with monthly payments. The imbedded discount rate on the lease is 6.75%. At the end of the fifth year, you would need to pay a residual value payment of $13,325.67 in order to take ownership of the car. What is the required monthly payment?

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