Respuesta :
Answer:
The correct answer is D. $312.06
Step-by-step explanation:
We are given that :
MSRP = $17500 , time = 36 months , interest rate = 9% , residual value = 57%
Exact residual value = 57% of 17,500 = $9975
Also, we know Money factor = rate ÷ 2400
⇒ money factor = 0.00375
Step 1 : To calculate monthly depreciation by using the formula :
[tex]Monthly\thinspace Depreciation=\frac{MSRP - Residual\thinspace Value}{No.\thinspace of\thinspace Months} \\\\Monthly\thinspace Depreciation=\frac{17500-9975}{36}\approx \$209.03[/tex]
Step 2 : To calculate monthly financial charge by using the formula :
[tex]\text{Monthly financial charge}=(MSRP+Residual\thinspace Value)\cdot money\thinspace factor\\\\\text{Monthly financial charge}=(17500+9975)\cdot0.00375\approx \$103.03125[/tex]
Step 3 : To calculate lease amount by using the formula :
[tex]\text{Lease payment}= Depreciation + Financial charge\\\\Lease\thinspace payment =209.03+103.03125 \approx \$312.06[/tex]
So, the approximate lease payment is $312.06
