What is the quoted annual interest rate

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You are considering leasing a car. You notice an ad that says you can lease the car you want for$477.00 per month. The lease term is 60 months with the first payment due at inception of the lease. You must also make an additional down payment of $2,370. The ad also says that the residual value of the vehicle is $20,430. After much research, you have concluded that you could buy the car for a total "drive­ out" price of $33,800. What is the quoted annual interest rate you will pay with the lease? Show your work.

Reference no: EM131483118

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