Enrico Alonso recently leased a new luxury car. His payments are $658 per month for 60 months. His deposit was $6,000. He paid a $105 title fee and an $80 license fee. What is his total lease cost?
This is the concept of financial arithemetic; We are required to calculate the total cost of leasing a new luxury car. Here we shall use the formula; total cost=[deposit+title fee+licence]+(monthly payment*number of months) deposit=$658 title fee=$105 license=$80 monthly payments=6000 number of months=60 thus; total cost=[6000+105+80]+[658*60] total cost=6185+39,480 total cost=$45,665
