The monthly payment for a car lease is $530 for 18 months. The down payment is $2,000. The residual value is $7,000. What is the total cost of the lease?
Select one of the options below as your answer:
$530 multiplied by 18 months equals $9540. $9540 added to the $2000 down payment equals $11,540. That total, added to the residual value of $7000, equals $18,540. The answer is A.
