Question

Given the lease terms below, what is the total price of this car if you buy it
after leasing, and you do not get the security deposit back?
Terms:
Length of lease: 24 months
• MSRP of the car: $21,400
Purchase value of the car after lease: $17,100
• Down payment: $1500
• Monthly payment: $279
• Security deposit: $350
• Acquisition fee: $700

Answer 1

Answer: 9246

Step-by-step explanation:

Answer 2

The total price of this car is $26,346.

• The calculation is as follows;

Total costs is

= Purchase value of the car after lease  + down payment + payment + security deposit + acquiistion fee

= $17, 100+ $1500 + ($279 × 24) + $350 + $700

= $17,100 + $1,500 + $6,696 + $350 + $700

= $26,346

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