Question

The monthly payment for a car lease is $300 for 24 months. The down payment is $1,000. The residual value is $9,000. What is the total cost if the car is purchased at the end of the lease?

Answer 1

the answer is $17200.

Explanation:

Answer 2

As given, The monthly payment for a car lease is = $300

Time period of lease = 24 months.

So, total amount in 24 month becomes =
`300*24=7200`

Also given is, The down payment amount is = $1000

The residual value is = $9000.

Hence, total cost of the car will become =

`7200+1000+9000=17200`

Hence, the answer is $17200.