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Question:
To calculate the cost of leasing the car for 3 years, we need to consider the down payment, monthly payments, and any additional charges for exceeding the mileage limit.
Down payment: $1,900
Monthly payments: $269 per month for 36 months (3 years) = $9,684
Mileage charge: $0.125 per mile over 30,000 miles, and Jackson drove 32,458 miles.
To calculate the mileage charge, we need to determine the number of miles over the limit:
Number of miles over the limit = Total miles driven - Mileage limit
= 32,458 miles - 30,000 miles
= 2,458 miles
Mileage charge = Number of miles over the limit * Cost per mile
= 2,458 miles * $0.125/mile = $307.25
Now, let's calculate the total cost of leasing the car for 3 years:
Total cost = Down payment + Monthly payments + Mileage charge
= $1,900 + $9,684 + $307.25
= $11,891.25
Therefore, the cost of leasing the car for 3 years, excluding taxes, is approximately $11,891.25.
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