Question 18 • 26-27 Ignite Technical Math-Financial Math - MA2007
First find the residual value: $29,000 × 0.79 = $22,910. The monthly depreciation charge is ($29,000 − $22,910) ÷ 36 = $169.17. The monthly finance charge is ($29,000 + $22,910) × 0.00365 = $189.47; together, the monthly lease payment is $358.64, choice A.
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