Question

You are planning to lease a new Jeep Wrangler for 3 years at the cash price of $37,290.00. The deal asks for $5000 down and offers 15% interest rate. Your monthly payments start in one month and the residual value of this car is $24,000 in 3 years. Find the monthly payment.

Answer 1

$1031.48 is the only monthly repayment.

Explanation:

p * i * n = 32,290 * 0.05 * 3 = 4843.5 whole interest

32,290/36 = 896.94 monthly loan re-payment

4843.5/36 = 134.54 +interest re-payment

896.94 + 134.54 = $1031.48 monthly full re-payment

Full term 3 year = $37133.28

Car cost + $5000 deposit = $42,133.28