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According to a recent newspaper ad, the price of a new Honda Civic is $20,275, and its residual value after 24 months is $14,500. The dealer is offering a 24 month lease at a 3.6% annual interest rate. Calculate your monthly payment if you lease the Civic for 24 months and make a $3,000 down payment. (Use the exact method – do not use money factors.)

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Financial Management, Finance

Category:- Financial Management
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