Answer:
a. closed-end lease
Explanation:
This lease is typical of a 4 year (48 months) lease period. A closed-end lease puts no obligation on the person leasing the vehicle, in terms that he/she does not have to purchase the vehicle at the end of the leasing period.
Also, if the lessee (the person using the vehicle) adjusts to the contracted mileage limit, he/she does not have to pay additional fees at the end of the leasing period.
Thus, Jacob has a closed-end lease agreement on his SUV.
