Mathematics, 02.04.2020 00:46 hasshh

Tim needs a new car while he attends college in the United States for the next three years. The car he would like has an MSRP of $15,000. A local dealer can get him a three-year loan with a 7% interest rate if Tim can make a $1,500 down payment.

The same dealer offers the same car for lease with a money factor of 0.00271 and a residual value of 75%. The lease requires an additional fee of $1,250 to cover Tim's security deposit and the acquisition and documentation fees for the car.

Tim is looking to drive the car home with the smallest monthly payment. Which of the following statements is true?
a.
The monthly payment for the loan is lower.
b.
The monthly payment for the lease is lower.
c.
The monthly payments for the lease and loan are the same.
d.
You cannot compare the monthly payments for leases and loans.

Answers: 2

Show answers

Other questions on the subject: Mathematics

Mathematics, 21.06.2019 19:00, cheryljoseph69

Sanya noticed that the temperature was falling at a steady rate of 1.4 degrees every hour from the time that she first checked her outdoor thermometer. by 6 a. m., the temperature had fallen 21 degrees. which expression can you use to find how many hours earlier she had first checked the thermometer?

Answers: 3

continue

Mathematics, 21.06.2019 19:00, sakinahunt

What expression is equivalent to log3(x+4)

Answers: 1

continue

Mathematics, 22.06.2019 03:30, hectorgonzalejr333

Explain how you can show five less than a number using algebraic expression

Answers: 1

continue

Mathematics, 22.06.2019 04:50, landowatson123

Astudy claims that the mean age of online dating service users is 40 years. some researchers think this is not accurate and want to show that the mean age is not 40 years. identify the null hypothesis, h0, and the alternative hypothesis, ha, in terms of the parameter μ. select the correct answer below: h0: μ≥40; ha: μ< 40 h0: μ≤40; ha: μ> 40 h0: μ≠40; ha: μ=40 h0: μ=40; ha: μ≠40

Answers: 3

continue

You know the right answer?

Tim needs a new car while he attends college in the United States for the next three years. The car...