Question

Alejandro Yago leased a Jeep for $209.00 per month for 60 months.He paid a deposit of $850.00, a title fee of $45.00, and a license fee of $60.00. The lease carried a stipulation charging $0.12 per mile for all miles over 60,000. Alejandro drove the Jeep 73,524 miles. What is the total cost of leasing the vehicle?

Answer 1

$14,267.88

Step-by-step explanation:

The total cost of hiring the Jeep will consist of

1). Monthly costs of leasing: $209 x 60 = $12,540

2). Title fee =$45.00

3). License fee =$60.00

4). Stipulation charging : ( 73,524 - 60,000) x $0.12

=$13,524 x $0.12

=$1,622.88

Total cost =$12,540 +$45.00 +$60.00 +$1,622.88

Total cost = $14,267.88