Thinking Mathematically (6th Edition)

Published by Pearson
ISBN 10: 0321867327
ISBN 13: 978-0-32186-732-2

Chapter 8 - Personal Finance - 8.6 Cars - Exercise Set 8.6: 20

Answer

With a closed-end lease, the leasing contract will normally have mileage limits. At the end of the leasing contract, we have to return the car. Then, we have no car of our own to trade in or sell.

Work Step by Step

With a closed-end lease, the leasing contract will normally have mileage limits. If we go over the mileage, we will have to pay additional fees at the end of the leasing contract. At the end of the leasing contract, we have to return the car. Then, we have no car of our own to trade in or sell. The monthly payments we made for the lease do not leave us with anything of value at the end of the leasing contract.
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