The bank computes the lease payments using an annual rate, Financial Management

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The bank computes the lease payments using an annual rate

Instead of buying the $25,000 car, you decide to lease for 5 years by promising 60 monthly lease payments with each payment at the beginning of the month. The bank computes the lease payments using an annual rate of 6% and assuming the car can be sold for $18,000 after 5 years. Find the lease payments.

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Financial Management: The bank computes the lease payments using an annual rate

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