Ivana wants to lease a Subaru Crosstre. Assume the listed price is $35,000. There are no provincial taxes in Alberta so she will only pay the Federal GST of 5%. Ivana can make a down payment of $2,000 and estimate that the value of the car after a 4 year term would be $17,000. The applicable rate would be 6%, compounded monthly. Lease payments are required at the beginning of the month, and the applicable taxes only apply to the monthly payment, not to the full value of the car.
What would be Ivana's monthly car lease payment?
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Ivana has just moved to Edmonton to take up a position in the provincial government, earning $72,000 a year. Edmonton is a big city, so she has decided to lease a car, as well as buy a downtown condo. She has saved some money living at home with her parents up until now. But Ivana is a bit worried about her financial affairs as she has always had trouble managing money. For example her last credit card statement showed a balance of $2,750 and she doesn't want to take the money she has saved for a down payment to pay it off. it seems she carries a balance from month to month all the time and she knows that at a rate of 22%, compounded dayly, she us paying
a lot of interest
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hii this is so big question I didn't understand
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