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Ralph is leasing a $32,000 car for 36 months. The terms of his lease include an 8.5% interest rate (money factor of 0.00354) and a residual value of 72%. Determine Ralph's approximate monthly lease payment. a. $145.00 b. $230.40 $248.89 d. $443.73 C.​

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Answer:

d. 443.73

Step-by-step explanation:

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Ralph approximate monthly lease payment is: d. $443. 73.

Monthly Lease payment

First step:

Residual value=$32,000×72%

Residual value=$23,040

Second step:

Depreciation=$32,000-$23,040

Depreciation=$8,960

Third step:

Base monthly lease payment=$8,960/36

Base monthly lease payment=$248.89

Fourth step:

Interest per month=($32,000+$23,040)×0.00354

Interest per month=$55,040×0.00354

Interest per month=$194.84

Fifth step

Monthly lease payment=$248.89+$194.84

Monthly lease payment=$443.73

Inconclusion Ralph approximate monthly lease payment is: d. $443. 73.

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