Mr. Izzo's Math Classes - Mt. Sinai High School



You would like to lease a brand-new Chevy Silverado. You are looking to make the monthly payments as small as possible, so you want to go with a 39 month lease. You choose the Silverado Crew-Cab with a V-8 engine and the off-road package. The MSRP on this truck is $52,790The salesman believes this truck will be worth $36,500 at the conclusion of your lease. There will be an acquisition fee of $1000 and a disposition fee of $500 added to this lease agreement.Find the depreciation amount of this vehicle over the lease term. Using the depreciation amount, putting the acquisition and disposition fees into the financing, the 39 month lease period, and 5% interest rate, find the monthly payment for leasing the truck.Using the depreciation amount to calculate sales tax, plus $85 in motor vehicle fees, find the total $ due on the day of signing the leaseAdd the money due at signing, plus 39 months of payments to find how much it would cost you to lease this Silverado. On the back of this page do the same thing for a brand-new Hyundai Elantra. 36 month lease, MSRP of $31,275. Saleswoman believes the car will be worth $19,850 at conclusion of lease. $500 fee for acquisition, $300 fee for disposition, 4% interest rate. ................
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