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This is a multiple choice question. Not sure how to solve, mainly because my textbook confuses me. Would appreciate help!!

"Mary Ward recently leased a new convertible. The $1600 due at signing includes the title and license fee. Her monthly lease payments are $700 per month. The leasing company allows 12.000 miles per year with a $0.12 per mile overage charge. If the total lease cost is $26,800, for how many months does the lease last?"

a) 24
b) 36
c) 48
d) 60

1 Answer

3 votes

Answer: 36 months

Explanation:

total for car $26,800

down payment - $ 1,600

amount leased $25,200

700 monthly divided into $25,200

700/25200 = 36

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