FINANCE QUESTION
eael757You are interested in a $25,000 car. A simplified leasing contract includes the following: (i) up-front cost of $3,000, (ii) $400 monthly lease payment over a 36-month period, and (iii) purchase cost of $12,000 at the end of the lease. What are the “implied” APR of the lease?
Answer: APR=8.45%
N/B: The answer is provided i need the solution on how to arrive at the given answer.
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