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What Would Be the Total Cost of Leasing a Vehicle

question 30

Essay

What would be the total cost of leasing a vehicle for four (4)years that requires a security deposit of $1,000 (which would be withdrawn from your portfolio,which earns 9 percent per year),has monthly lease payments of $500,and has a mileage restriction of 20,000 with excess mileage resulting in a 10 cents per mile charge.Assume over the life of the lease you exceed the mileage limitations by a total of 8,000 miles.
(a)$24,000
(b)$24,360
(c)$24,800
(d)$25,160


Definitions:

Procedural Unconscionability

Unconscionability that derives from the process of making a contract.

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The formal and technical language of legal documents that is often difficult for laymen to understand.

Intoxication

A condition resulting from the excessive consumption of alcohol or drugs, impairing a person's cognitive and physical capacities.

Disaffirmed

The act of denying or rejecting a previously accepted contract or agreement, particularly by someone not legally bound by it.

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