What is the monthly lease payment

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Question 1 - The MSRP on a Nissan Maxima 3.5 SV is $38,625. The interest rate on a 48-month lease is 1.9% compounded monthly. What is the monthly lease payment, assuming a down payment of $5400 and a residual value of $11,990?

Question 2 - Quantum Research Ltd. has arranged debt financing from its parent company to complete the development of a new product. Quantum "draws down" $12,000 at the beginning of each month. If interest accumulates on the debt at 8.2% compounded quarterly, how long will it take to reach the credit limit of $1 million? Round up the number of draws.

Reference no: EM132930424

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