2.) A car costing $50,000 is being purchased with an 5-year auto-loan with annual interest 4.8% compounded monthly. The

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answerhappygod
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2.) A car costing $50,000 is being purchased with an 5-year auto-loan with annual interest 4.8% compounded monthly. The

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2.) A car costing $50,000 is being purchased with an5-year auto-loan with annual interest 4.8% compounded monthly. Thedown-payment is 10%. After making monthly payments for 2 years, theowner wants to pay off the remainder of the loan in one lump-sum.What would the lump sum be?
2nd scenario: A car costing $50,000 is being leased with an3-year lease with annual interest 4.8% compounded monthly. Thedown-payment is 10%. The car has a residual value of 50% of theoriginal price of the car. What's the monthly lease payment?
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