Kevin made a down payment of $1,500 for his car lease. His monthly payment amount is $200 for 36 months. What is the total cost of the lease, if the residual value is $8,000?
A.
$14,500
B.
$15,200
C.
$16,700

Question

Kevin made a down payment of $1,500 for his car lease. His monthly payment amount is $200 for 36 months. What is the total cost of the lease, if the residual value is $8,000?
A. 
$14,500
B. 
$15,200
C. 
$16,700

MxxnLight · Answer

Any thoughts?

KrazyKat02 · Answer

@MxxnLight Well, I suck at math, but I don't really understand how to do the equation or whatever for it.

MxxnLight · Answer

Alright well. we can eliminate option A.

MxxnLight · Answer

What else can we eliminate?

LadyRavyRay · Answer

Sorry, only putting my belief

MxxnLight · Answer

On QC, you're suppose to guide the answer. Just a little tip incase a mod see's it.

LadyRavyRay · Answer

Oh ok

MxxnLight · Answer

Yea, just lookin out for you. e.e

KrazyKat02 · Answer

Okay, so, what exactly is the equation I'm supposed to be using?

MxxnLight · Answer

Alright so what would we use for the equation?

KrazyKat02 · Answer

Honestly, I really don't know. I feel really dumb.

MxxnLight · Answer

Don't say that. You just don't know. But I may need a little help from, @XioGonz .

XioGonz · Answer

Not A

KrazyKat02 · Answer

Ok

XioGonz · Answer

1500+200x +8000 x= number of months 1500+200(36) +8000 =16700 Therefore, Total lease is $16,700.

KrazyKat02 · Answer

Oooooh, okay. Thanks!

XioGonz · Answer

Np