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Question:

# Jackson leased a new car for 3 years. He agreed to pay $1,900 down and a$269 payment each month. He also agreed to pay $0.125 per mile he drove over 30,000 miles. During the 3-year lease period, Jackson drove the car 32,458 miles. Excluding taxes, what was the cost of leasing this car for 3 years? A$11,891.25
explanation

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.