Compare the cost of the following leasing agreement with the finance charge on a loan for the same time period: The value of the car is $15,000 at the beginning of the lease period,and its projected residual value at the end of three years is $4,000.The lease requires a $500 down payment.
Other things being equal,one would want to finance this car rather than take this lease if the finance cost were ____ or less.
Definitions:
Chattel
Personal property that is tangible and movable, as opposed to real estate or immovable property.
Tangible Personal Property
Physical property that can be touched and moved, such as furniture, vehicles, and equipment.
Intellectual Property
Various legal rights that grant creators control over their intellectual creations, such as patents, copyrights, trademarks, and trade secrets.
Registration System
A systematic process of recording information or data into an official list or database to ensure its authenticity and reliability.
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