select the correct answer. find the total cost of a 36 - month car lease if the car is purchased at the end…

select the correct answer. find the total cost of a 36 - month car lease if the car is purchased at the end of the lease: monthly payment = $175 down payment = $1,500 residual value = $10,000 a. $11,675 b. $16,300 c. $17,800

select the correct answer. find the total cost of a 36 - month car lease if the car is purchased at the end of the lease: monthly payment = $175 down payment = $1,500 residual value = $10,000 a. $11,675 b. $16,300 c. $17,800

Answer

Explanation:

Step1: Calculate total monthly payments

Multiply monthly payment by number of months. $175\times36 = 6300$

Step2: Calculate total cost

Add down - payment, total monthly payments and residual value. $1500 + 6300+10000$ $=17800$

Answer:

C. $17,800$