Homework Answers
PV of lease =29000
Rate per month =4.95%/12
Number of months =11*12 =132
Monthly Payment using annuity due formula
=PV/((1+r)*((1-(1+r)^-n)/r))
=29000/(1+4.95%/12)*((1-(1+4.95%/12)^-132)/(4.95%/12))=284.18
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