## 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 I subtract 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.  PhysOrg.com science news on PhysOrg.com >> King Richard III found in 'untidy lozenge-shaped grave'>> Google Drive sports new view and scan enhancements>> Researcher admits mistakes in stem cell study Recognitions: Gold Member Homework Help Science Advisor Staff Emeritus  Quote by Larrytsai 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 I subtract 43195 - 4300 - PRESENTVALUE OF (20000) = A[1-(((1+(0.0291/12))^-48))/]
Your equation seems to be missing some factors.

 PRESENTVALUE OF (20000) = 20000/((1+(0.0291/12))^48) = 17804.89 I get A = 465. I'm not sure if this is right. The solution said 464.85. I carried all my decimals in my calculations as well.
My calculations come up with 464.85. Without seeing the details of your calculation, it's impossible to say what went wrong.