Calculate the annual payments on a lease of $190,000 with a 6% monthly compounded interest rate if the residual value is $48,000 after six years. Round your answer to two decimal places.

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Answer to a math question Calculate the annual payments on a lease of $190,000 with a 6% monthly compounded interest rate if the residual value is $48,000 after six years. Round your answer to two decimal places.

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Fred

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114 Answers

P = 190,000

FV = 48,000

r = \frac{6\%}{12} = 0.005

n = 72

\frac{48,000}{{(1+0.005)^{72}}} = 33,552

190,000 - 33,552 = 156,448

1 - (1+0.005)^{-72} = 0.301

156,448 = \frac{{PMT \cdot 0.301}}{0.005}

156,448 = PMT \times 60.2

PMT = \frac{156,448}{60.2}

PMT \approx 2,598.17

PMT_{annual} = 2,598.17 \times 12 = 31,178.04

Answer:

31,178.04

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