Question
To lease a new car, you must make a down payment when you sign the lease, then pay
month. Six months after signing his lease, Mr. Scott had paid
to find the total amount he will have paid after 3 years.
month. Six months after signing his lease, Mr. Scott had paid
to find the total amount he will have paid after 3 years.
Ask by Pena Ayala. in the United States
Jan 21,2025
Upstudy AI Solution
Tutor-Verified Answer
Answer
After 3 years, Mr. Scott will have paid a total of $8,664.
Solution
Let’s break down the problem step by step to find the total amount Mr. Scott will have paid after 3 years.
1. Define the Variables
- Down Payment (D): The initial amount paid when signing the lease.
- Monthly Payment: $199 per month.
- Total Time: 3 years (which is 36 months).
2. Set Up the Equation
We know that after 6 months, Mr. Scott has paid a total of $2,694. This total includes the down payment plus the monthly payments for 6 months.
The equation can be written as:
3. Solve for the Down Payment (D)
So, the down payment
4. Calculate the Total Payment After 3 Years
Now, to find the total amount paid after 3 years (36 months), use the down payment plus the monthly payments for 36 months:
Answer
After 3 years, Mr. Scott will have paid a total of $8,664.
Answered by UpStudy AI and reviewed by a Professional Tutor
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Explain 
Simplify this solution Beyond the Answer
To find the total amount Mr. Scott will have paid after 3 years, we first need to determine how much he paid as a down payment. Since he pays
Now, the duration of the lease is 3 years or 36 months. The monthly payment will total
So, Mr. Scott will have paid a total of
