Tina made a down payment of $1,200 for her car lease. Her monthly payment amount is $200 for 36 months. What is the total cost of the lease, if the residual value is $8,500?

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11-12-2017
Mathematics

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Tina made a down payment of $1,200 for her car lease. Her monthly payment amount is $200 for 36 months. What is the total cost of the lease, if the residual value is $8,500?

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j3w3ls0107 j3w3ls0107 · Answer 1 · 2017-12-17T21:05:33+01:00

j3w3ls0107 j3w3ls0107

17-12-2017

Tina made a down payment of $1,200 and her monthly payment amount is $200 for 36 months. So we will multiply $200 by 36 and add it to $1,200: $1,200 + 36 * $200 = $1,200 + $7,200 = $8,400. Finally we will add the residual value: $8,400 + $8,500 = $16,900. Answer: C. $16,900

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