Calculate the amount of the monthly lease payment

Reference no: EM13202467

Penelope wants to buy a car that is worth $43,195 by making a $4300 down payment and arranging a four-year lease that calls for monthly payments in advance, interest of 2.91 percent compounded monthly, and a buyout payment of $20,000 at the end of the lease. Calculate the amount of the monthly lease payment Penelope must make.

Reference no: EM13202467

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