|Jun4-12, 03:48 AM||#1|
Uniform Series Problem
Penelope wants to buy a car that is worth $43,195 by making a $4300 down payment and arranging a four-year lease
that calls for monthly payments in advance, interest of 2.91 percent compounded monthly, and a buyout payment of
$20,000 at the end of the lease. Calculate the amount of the monthly lease payment Penelope must make.
So what I thought of doing is
43195 - 4300 - PRESENTVALUE OF (20000) = A[1-(((1+(0.0291/12))^-48))/]
PRESENTVALUE OF (20000) = 20000/((1+(0.0291/12))^48) = 17804.89
I get A = 465,
Im not sure if this is right, the solution saids 464.85, I carried all my decimals in my calculations as well.
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