LEASING A NEW CAR - Waterloo Region District School Board

LEASING A NEW CAR

1. A GMC Sierra Extended Cab can be leased for $428.00 per month for 36 months. The amount due at signing is $5005.70

a) Determine the cost of leasing. b) I am allowed 30,000 km per year. If I drove 110,320 km and the

charge for excess km is $0.12 per km how much do I owe at lease end?

2. A Toyota Sienna can be leased for $298.00 per month for 60 months. The amount due at signing is $7325.00

a) Determine the cost of leasing. b) I am allowed 22,000 km per year. If I drove 150,600 km and the

charge for excess km is $0.09 per km how much do I owe at lease end?

3. Leasing Information

Purchasing At Lease End Information

Monthly Payment Duration Of Lease Amount Due At Signing

$218.00 48 months $3557.95

Buyout Price

$8132

Time

36 months

Interest Rate

4.6%

(compounded monthly)

a) Determine the cost of leasing using the " Leasing Information". b) I am allowed 25,000 km per year. If I drove 90,000 km and the

charge for excess km is $0.17 per km how much do I owe at lease end? c) After the lease I decide to purchase the car.

Using the "Purchasing at Lease End Information" determine the monthly payment. d) Determine the total cost of leasing and purchasing the car at lease end.

4. Leasing Information

Purchasing At Lease End Information

Monthly Payment Duration Of Lease Amount Due At Signing

$264.00 36 months $3040.45

Buyout Price

$7145.90

Time

24 months

Interest Rate

5.5%

(compounded monthly)

a) Determine the cost of leasing using the " Leasing Information". b) I am allowed 20,000 km per year. If I drove 75,000 km and the charge for

excess kilometers is $0.15 per km how much do I owe at lease end? c) After the lease I decide to purchase the car.

Using the "Purchasing at Lease End Information" determine the monthly payment. d) Determine the total cost of leasing and purchasing the car at lease end.

5. Leasing Information

Purchasing At Lease End Information

Monthly Installment Duration Of Lease Amount Due At Signing

$164 60 months $4334.20

Buyout Price Time Interest Rate (compounded monthly)

$12300 4 years 7%

a) Determine the cost of leasing using the " Leasing Information". b) I am allowed 24,000 km per year. If I drove 140,000 km and the charge for

excess kilometers is $0.07 per km how much do I owe at lease end? c) After the lease I decide to purchase the car.

Using the "Purchasing at Lease End Information" determine the monthly payment. d) Determine the total cost of leasing and purchasing the car at lease end.

Answers:

1. (a) $19985.70 2. (a) $24907 3. (a) $13,803.95 4. (a) $12,280.45 5. (a) $14,010.20

(b) $2438.40 (b) $3654 (b) $0 (b) $2250 (b) $1400

(c) $273.76 (c) $356.07 (c) $332.83

(d) $23,659.31 (d) $23,076.13 (d) $31,386.04

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