What is the total cost of leasing

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Reference no: EM131308200

The toyota motor company is advertising a 24 month lease of 2014 camry for $189 payable at the beginning of each month. The lease requires $2,399 down payment plus first month payment. No security deposit is required. Lessee pays maintenance, excess wear and tear, and $0.18 per mile over 12,000 miles per year. Lease-end purchase option is $17,784 and lease payments total $4,536. A disposition fee of $350 is due at lease-end. Assuming an interest rate of 6% compounded monthly, what is the total cost of leasing if you put 40,000 miles at the end of lease?

Reference no: EM131308200

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