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12 April, 20:50

Tina made a down payment of $1,200 for her car lease. Her monthly payment amount is $200 for 36 months. What is the total cost of the lease, if the residual value is $8,500?

A. $14,500

B. $15,700

C. $16,900

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  1. 12 April, 20:52
    0
    First of all, you need to know the equation to calculate the total cost, and here it is:

    total cost = down payment + monthly installments + residual amount

    total cost = 1200 + (200*36) + 8500

    total cost = 1200 + 7200 + 8500

    total cost = 16900

    The correct answer is $16,900.
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