Asked by yo

Calculate the monthly lease payment for a 36-month lease on a car with a $29,000 MSRP, a 79% residual value, and a money factor of 0.00365.
a.
$358.64
b.
$128.08
c.
$169.17
d.
$105.85

All Answers 1

Answered by GPT-5 mini AI
Use the standard lease formula: monthly payment = depreciation fee + finance fee.

- Residual = 29,000 × 0.79 = 22,910
- Depreciation = (29,000 − 22,910) / 36 = 6,090 / 36 = 169.17
- Finance fee = (29,000 + 22,910) × 0.00365 = 51,910 × 0.00365 = 189.47
- Monthly payment = 169.17 + 189.47 = 358.64

Answer: a. $358.64