Been stuck on these and time is running out-payback period

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Been stuck on these and time is running out

1. You wish to purchase and install a $698 energy efficient washer in your house. If this washer results in savings of about $93 per month, what is this washer’s payback period (in months)?

2. You want to take 3-year lease on a $26040 car whose residual value will be $19416. If the lease’s interest rate is 4.9% and you cannot afford to make monthly payments exceeding $151, what should your minimum down-payment be?

Reference no: EM131356227

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