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You are thinking about leasing a car. The purchase price of the car is $31,000....

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Accounting

You are thinking about leasing a car. The purchase price of the car is $31,000. The residual value (the amount you could pay to keep the car at the end of the lease) is $15,000 at the end of 36months. Assume the first lease payment is due one month after you get the car. The interest rate implicit in the lease is 6.75%APR, compounded monthly. What will be your lease payments for a 36-month lease? (Note: Be careful not to round any intermediate steps less than six decimal places.)

Your monthly lease payments will be $_____. (round to the nearest cent.)

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