The total cost of the lease with a monthly payment of $300 for 24 months and a down payment of $1,000 is C. $8,200.
What is the total cost of a lease?
The total cost of a lease is the sum of the monthly payments and down payment.
The total cost of a lease does not include the residual value of the property.
Data and Calculations:
Monthly payment = $300
Lease period = 24 months
Total monthly payment = $7,200 ($300 x 24)
Down payment = $1,000
Total cost of the lease = $8,200 ($7,200 + $1,000)
Residual value = $9,000
Thus, the total cost of the lease with a monthly payment of $300 for 24 months and a down payment of $1,000 is C. $8,200.
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