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What is the monthly lease payment

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Reference no: EM132929799

Question 1 - The cash price of a Chevy truck is $44,780. The interest rate on a 30-month lease is 1.8% compounded monthly. What is the monthly lease payment assuming a down payment of $4240 and a residual value of $24,405?

Question 2 - What nominal interest rate, to the nearest 0.01%, is being charged if the monthly payment on a 48-month lease of a mid-size used car (cash price = $27,620) is $328? The required down payment is $2530 and the residual value is $10,774.

Reference no: EM132929799

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