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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 c. $248.89 d. $443.73 please select the best answer from the choices provided a b c d

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abiolataiwo2015

If the residual value is 72%. Approximate monthly lease payment is: d. $443. 73.

Monthly Lease payment

First step is to find the residual value

Residual value=$32,000×72%

Residual value=$23,040

Second step is to find the depreciation and base monthly lease payment

Depreciation=$32,000-$23,040

Depreciation=$8,960

Base monthly lease payment=$8,960/36

Base monthly lease payment=$248.89

Third step is to find the Interest per month

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

Interest per month=$55,040×0.00354

Interest per month=$194.84

Last step is to calculate the lease payment

Monthly lease payment=$248.89+$194.84

Monthly lease payment=$443.73

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

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