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What is the average monthly finance charge

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Question - Suppose you obtain a three-year lease for a Volvo S60 and negotiate a selling price of $29,800. The trade-in value of your old car is $3850. The annual interest rate is 7.25%, the residual value is 60% of the MSRP of $32,025, and you make a down payment of $2400. Find each of the following:

a. What is the net capitalized cost?

b. What is the money factor?

c. What is the average monthly finance charge?

d. What is the average monthly depreciation?

e. What is the total monthly payment?

Reference no: EM133044568

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