Car Leasing You can lease a $17,000 car for $500 per month. For how long (to the nearest year) should you lease the car so that your monthly payments are lower than if you were purchasing it with an 9%-per-year loan?
Added by Catherine V.
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The formula for calculating the monthly payment on a loan is: P = [r*PV] / [1 - (1 + r)^-n] where: P = monthly payment r = monthly interest rate (annual rate / 12) PV = present value, i.e., the loan amount n = total number of payments (loan term in Show more…
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