You are at the dealership considering the purchase of a car that would cost $34.000 if...

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You are at the dealership considering the purchase of a car that would cost $34.000 if paid for in cash. The salesperson offers you an option to instead get a lease with a 3% annual interest rate and a $3,400 payoff due at the end of the lease. If you would start making the monthly payments of $700 beginning one month from now, how many total payments would be required under the lease? Round to the nearest integer. You are at the dealership considering the purchase of a car that would cost $34.000 if paid for in cash. The salesperson offers you an option to instead get a lease with a 3% annual interest rate and a $3,400 payoff due at the end of the lease. If you would start making the monthly payments of $700 beginning one month from now, how many total payments would be required under the lease? Round to the nearest integer.

Answer rating: 100% (QA)

Loan amount 34000 Intallment Amount 700 Interest Rate 3 per year Expected payoff at the end of lease ... View the full answer