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How much is remaining on the lease at december

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Leonard signed a 5-year lease on his car. The car cost $36,000 and he made a 20% down payment toward the lease and his monthly lease payments are made at the beginning of the month beginning June 1, 2009. He is paying interest of 4.8% on the lease and plans to buy the car for the 20% buyout when the lease expires. The car has a current market value of $28,000.

a) How much is remaining on the lease at December 31st, 2013?

Reference no: EM132473969

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