Question

Instead of purchasing a new car, Maria Smits decided to lease one. Her deposit was $3,000 and her payments are $230 per month for 60 months. She also paid a $90 title fee and a $50 license fee. What is her total lease cost?

Answer 1

I think her total cost is 16,940, hope this is right.

Answer 2

Her total lease cost is $16940.

Explanation:

Given :

Maria Smits decided to lease a new car.

Her deposit was $3,000

Her payments are $230 per month for 60 months.

She also paid a $90 title fee and a $50 license fee.

To Find : Her total lease cost.

Solution :

Her payment of lease for 1 month is $230

She paid payments for 60 months .

So, payments of lease for 60 months = $(230 * 60) = $13800.

Since her deposit was $3,000

She also paid a $90 title fee and a $50 license fee.

So, Total amount she paid = amount she paid for 60 months + her initial deposit + title fee + license fee = $(13800+3,000 +90+50)=$16940

Hence , Her total lease cost is $16940.