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Car Lease worksheet

Grades 7–8 · CCSS 7.RP.A.3

Solve each problem and show your work. Round answers to 2 decimal places where needed.

1.
Problem 1.
- MSRP (sticker price): $37,500
- Negotiated price (gross capitalized cost): $38,000
- Fees added to the lease: $760
- Down payment (cap cost reduction): $1,900
- Trade-in equity: $0
- Residual value: 52% of MSRP
- Lease rate given as: APR (%)
- Equivalent APR: 4%
- Lease term: 48 months
- Sales tax rate: 6%
Find: Monthly payment (with tax)
Answer
2.
Problem 2.
- MSRP (sticker price): $37,500
- Negotiated price (gross capitalized cost): $42,000
- Fees added to the lease: $540
- Down payment (cap cost reduction): $2,400
- Trade-in equity: $0
- Residual value: 58% of MSRP
- Lease rate given as: APR (%)
- Equivalent APR: 7%
- Lease term: 48 months
- Sales tax rate: 10%
Find: Monthly payment (with tax)
Answer
3.
Problem 3.
- MSRP (sticker price): $32,500
- Negotiated price (gross capitalized cost): $37,500
- Fees added to the lease: $650
- Down payment (cap cost reduction): $2,400
- Trade-in equity: $0
- Residual value: 45% of MSRP
- Lease rate given as: APR (%)
- Equivalent APR: 5%
- Lease term: 48 months
- Sales tax rate: 5%
Find: Monthly payment (with tax)
Answer
4.
Problem 4.
- MSRP (sticker price): $33,000
- Negotiated price (gross capitalized cost): $32,500
- Fees added to the lease: $800
- Down payment (cap cost reduction): $2,400
- Trade-in equity: $0
- Residual value: 55% of MSRP
- Lease rate given as: APR (%)
- Equivalent APR: 4%
- Lease term: 48 months
- Sales tax rate: 5%
Find: Monthly payment (with tax)
Answer
5.
Problem 5.
- MSRP (sticker price): $40,000
- Negotiated price (gross capitalized cost): $36,000
- Fees added to the lease: $525
- Down payment (cap cost reduction): $2,400
- Trade-in equity: $0
- Residual value: 70% of MSRP
- Lease rate given as: Money factor
- Money factor: 0.0022
- Lease term: 36 months
- Sales tax rate: 6%
Find: Monthly payment (with tax)
Answer
6.
Problem 6.
- MSRP (sticker price): $27,500
- Negotiated price (gross capitalized cost): $30,000
- Fees added to the lease: $360
- Down payment (cap cost reduction): $3,250
- Trade-in equity: $0
- Residual value: 60% of MSRP
- Lease rate given as: APR (%)
- Equivalent APR: 7%
- Lease term: 36 months
- Sales tax rate: 5%
Find: Monthly payment (with tax)
Answer
7.
Problem 7.
- MSRP (sticker price): $32,500
- Negotiated price (gross capitalized cost): $44,000
- Fees added to the lease: $600
- Down payment (cap cost reduction): $2,250
- Trade-in equity: $0
- Residual value: 64% of MSRP
- Lease rate given as: Money factor
- Money factor: 0.0034
- Lease term: 36 months
- Sales tax rate: 5%
Find: Monthly payment (with tax)
Answer
8.
Problem 8.
- MSRP (sticker price): $35,000
- Negotiated price (gross capitalized cost): $34,000
- Fees added to the lease: $750
- Down payment (cap cost reduction): $2,200
- Trade-in equity: $0
- Residual value: 70% of MSRP
- Lease rate given as: APR (%)
- Equivalent APR: 7%
- Lease term: 36 months
- Sales tax rate: 9%
Find: Monthly payment (with tax)
Answer
9.
Problem 9.
- MSRP (sticker price): $32,500
- Negotiated price (gross capitalized cost): $40,000
- Fees added to the lease: $600
- Down payment (cap cost reduction): $2,000
- Trade-in equity: $0
- Residual value: 55% of MSRP
- Lease rate given as: APR (%)
- Equivalent APR: 4%
- Lease term: 48 months
- Sales tax rate: 7%
Find: Monthly payment (with tax)
Answer
10.
Problem 10.
- MSRP (sticker price): $44,000
- Negotiated price (gross capitalized cost): $40,000
- Fees added to the lease: $750
- Down payment (cap cost reduction): $3,200
- Trade-in equity: $0
- Residual value: 56% of MSRP
- Lease rate given as: APR (%)
- Equivalent APR: 5%
- Lease term: 24 months
- Sales tax rate: 9%
Find: Monthly payment (with tax)
Answer

Answer key: Car Lease worksheet

1. Monthly payment (with tax): $482.94
1. Find the residual, what the car should be worth when the lease ends: the residual percent of the MSRP
  $$37,500.00 \times 52%$ $= $19,500.00$
2. Find the amount you're leasing (adjusted cap cost): the price plus added fees, minus your down payment and trade-in
  $$38,000.00 + $760.00 - $1,900.00 - $0.00$ $= $36,860.00$
3. Turn the APR into a money factor by dividing by 2,400, the form lease math uses
  $\frac{4}{2,400}$ $= 0.00166667$
4. Find the depreciation fee: the value you use up, spread evenly over 48 months
  $\frac{($36,860.00 - $19,500.00)}{48}$ $= $361.67$
5. Find the finance fee (rent charge), the lease's interest: the cap cost plus the residual, times the money factor
  $($36,860.00 + $19,500.00) \times 0.00166667$ $= $93.93$
6. Add the two fees to get the payment before tax
  $$361.67 + $93.93$ $= $455.60$
7. Work out the sales tax on that monthly payment
  $$455.60 \times 6%$ $= $27.34$
8. Add the tax to get what you pay each month
  $$455.60 + $27.34$ $= $482.94$
2. Monthly payment (with tax): $620.00
1. Find the residual, what the car should be worth when the lease ends: the residual percent of the MSRP
  $$37,500.00 \times 58%$ $= $21,750.00$
2. Find the amount you're leasing (adjusted cap cost): the price plus added fees, minus your down payment and trade-in
  $$42,000.00 + $540.00 - $2,400.00 - $0.00$ $= $40,140.00$
3. Turn the APR into a money factor by dividing by 2,400, the form lease math uses
  $\frac{7}{2,400}$ $= 0.00291667$
4. Find the depreciation fee: the value you use up, spread evenly over 48 months
  $\frac{($40,140.00 - $21,750.00)}{48}$ $= $383.13$
5. Find the finance fee (rent charge), the lease's interest: the cap cost plus the residual, times the money factor
  $($40,140.00 + $21,750.00) \times 0.00291667$ $= $180.51$
6. Add the two fees to get the payment before tax
  $$383.13 + $180.51$ $= $563.64$
7. Work out the sales tax on that monthly payment
  $$563.64 \times 10%$ $= $56.36$
8. Add the tax to get what you pay each month
  $$563.64 + $56.36$ $= $620.00$
3. Monthly payment (with tax): $572.30
1. Find the residual, what the car should be worth when the lease ends: the residual percent of the MSRP
  $$32,500.00 \times 45%$ $= $14,625.00$
2. Find the amount you're leasing (adjusted cap cost): the price plus added fees, minus your down payment and trade-in
  $$37,500.00 + $650.00 - $2,400.00 - $0.00$ $= $35,750.00$
3. Turn the APR into a money factor by dividing by 2,400, the form lease math uses
  $\frac{5}{2,400}$ $= 0.00208333$
4. Find the depreciation fee: the value you use up, spread evenly over 48 months
  $\frac{($35,750.00 - $14,625.00)}{48}$ $= $440.10$
5. Find the finance fee (rent charge), the lease's interest: the cap cost plus the residual, times the money factor
  $($35,750.00 + $14,625.00) \times 0.00208333$ $= $104.95$
6. Add the two fees to get the payment before tax
  $$440.10 + $104.95$ $= $545.05$
7. Work out the sales tax on that monthly payment
  $$545.05 \times 5%$ $= $27.25$
8. Add the tax to get what you pay each month
  $$545.05 + $27.25$ $= $572.30$
4. Monthly payment (with tax): $364.74
1. Find the residual, what the car should be worth when the lease ends: the residual percent of the MSRP
  $$33,000.00 \times 55%$ $= $18,150.00$
2. Find the amount you're leasing (adjusted cap cost): the price plus added fees, minus your down payment and trade-in
  $$32,500.00 + $800.00 - $2,400.00 - $0.00$ $= $30,900.00$
3. Turn the APR into a money factor by dividing by 2,400, the form lease math uses
  $\frac{4}{2,400}$ $= 0.00166667$
4. Find the depreciation fee: the value you use up, spread evenly over 48 months
  $\frac{($30,900.00 - $18,150.00)}{48}$ $= $265.63$
5. Find the finance fee (rent charge), the lease's interest: the cap cost plus the residual, times the money factor
  $($30,900.00 + $18,150.00) \times 0.00166667$ $= $81.75$
6. Add the two fees to get the payment before tax
  $$265.63 + $81.75$ $= $347.38$
7. Work out the sales tax on that monthly payment
  $$347.38 \times 5%$ $= $17.37$
8. Add the tax to get what you pay each month
  $$347.38 + $17.37$ $= $364.74$
5. Monthly payment (with tax): $325.22
1. Find the residual, what the car should be worth when the lease ends: the residual percent of the MSRP
  $$40,000.00 \times 70%$ $= $28,000.00$
2. Find the amount you're leasing (adjusted cap cost): the price plus added fees, minus your down payment and trade-in
  $$36,000.00 + $525.00 - $2,400.00 - $0.00$ $= $34,125.00$
3. Find the depreciation fee: the value you use up, spread evenly over 36 months
  $\frac{($34,125.00 - $28,000.00)}{36}$ $= $170.14$
4. Find the finance fee (rent charge), the lease's interest: the cap cost plus the residual, times the money factor
  $($34,125.00 + $28,000.00) \times 0.0022$ $= $136.68$
5. Add the two fees to get the payment before tax
  $$170.14 + $136.68$ $= $306.81$
6. Work out the sales tax on that monthly payment
  $$306.81 \times 6%$ $= $18.41$
7. Add the tax to get what you pay each month
  $$306.81 + $18.41$ $= $325.22$
6. Monthly payment (with tax): $443.01
1. Find the residual, what the car should be worth when the lease ends: the residual percent of the MSRP
  $$27,500.00 \times 60%$ $= $16,500.00$
2. Find the amount you're leasing (adjusted cap cost): the price plus added fees, minus your down payment and trade-in
  $$30,000.00 + $360.00 - $3,250.00 - $0.00$ $= $27,110.00$
3. Turn the APR into a money factor by dividing by 2,400, the form lease math uses
  $\frac{7}{2,400}$ $= 0.00291667$
4. Find the depreciation fee: the value you use up, spread evenly over 36 months
  $\frac{($27,110.00 - $16,500.00)}{36}$ $= $294.72$
5. Find the finance fee (rent charge), the lease's interest: the cap cost plus the residual, times the money factor
  $($27,110.00 + $16,500.00) \times 0.00291667$ $= $127.20$
6. Add the two fees to get the payment before tax
  $$294.72 + $127.20$ $= $421.92$
7. Work out the sales tax on that monthly payment
  $$421.92 \times 5%$ $= $21.10$
8. Add the tax to get what you pay each month
  $$421.92 + $21.10$ $= $443.01$
7. Monthly payment (with tax): $853.99
1. Find the residual, what the car should be worth when the lease ends: the residual percent of the MSRP
  $$32,500.00 \times 64%$ $= $20,800.00$
2. Find the amount you're leasing (adjusted cap cost): the price plus added fees, minus your down payment and trade-in
  $$44,000.00 + $600.00 - $2,250.00 - $0.00$ $= $42,350.00$
3. Find the depreciation fee: the value you use up, spread evenly over 36 months
  $\frac{($42,350.00 - $20,800.00)}{36}$ $= $598.61$
4. Find the finance fee (rent charge), the lease's interest: the cap cost plus the residual, times the money factor
  $($42,350.00 + $20,800.00) \times 0.0034$ $= $214.71$
5. Add the two fees to get the payment before tax
  $$598.61 + $214.71$ $= $813.32$
6. Work out the sales tax on that monthly payment
  $$813.32 \times 5%$ $= $40.67$
7. Add the tax to get what you pay each month
  $$813.32 + $40.67$ $= $853.99$
8. Monthly payment (with tax): $425.11
1. Find the residual, what the car should be worth when the lease ends: the residual percent of the MSRP
  $$35,000.00 \times 70%$ $= $24,500.00$
2. Find the amount you're leasing (adjusted cap cost): the price plus added fees, minus your down payment and trade-in
  $$34,000.00 + $750.00 - $2,200.00 - $0.00$ $= $32,550.00$
3. Turn the APR into a money factor by dividing by 2,400, the form lease math uses
  $\frac{7}{2,400}$ $= 0.00291667$
4. Find the depreciation fee: the value you use up, spread evenly over 36 months
  $\frac{($32,550.00 - $24,500.00)}{36}$ $= $223.61$
5. Find the finance fee (rent charge), the lease's interest: the cap cost plus the residual, times the money factor
  $($32,550.00 + $24,500.00) \times 0.00291667$ $= $166.40$
6. Add the two fees to get the payment before tax
  $$223.61 + $166.40$ $= $390.01$
7. Work out the sales tax on that monthly payment
  $$390.01 \times 9%$ $= $35.10$
8. Add the tax to get what you pay each month
  $$390.01 + $35.10$ $= $425.11$
9. Monthly payment (with tax): $562.71
1. Find the residual, what the car should be worth when the lease ends: the residual percent of the MSRP
  $$32,500.00 \times 55%$ $= $17,875.00$
2. Find the amount you're leasing (adjusted cap cost): the price plus added fees, minus your down payment and trade-in
  $$40,000.00 + $600.00 - $2,000.00 - $0.00$ $= $38,600.00$
3. Turn the APR into a money factor by dividing by 2,400, the form lease math uses
  $\frac{4}{2,400}$ $= 0.00166667$
4. Find the depreciation fee: the value you use up, spread evenly over 48 months
  $\frac{($38,600.00 - $17,875.00)}{48}$ $= $431.77$
5. Find the finance fee (rent charge), the lease's interest: the cap cost plus the residual, times the money factor
  $($38,600.00 + $17,875.00) \times 0.00166667$ $= $94.13$
6. Add the two fees to get the payment before tax
  $$431.77 + $94.13$ $= $525.90$
7. Work out the sales tax on that monthly payment
  $$525.90 \times 7%$ $= $36.81$
8. Add the tax to get what you pay each month
  $$525.90 + $36.81$ $= $562.71$
10. Monthly payment (with tax): $727.55
1. Find the residual, what the car should be worth when the lease ends: the residual percent of the MSRP
  $$44,000.00 \times 56%$ $= $24,640.00$
2. Find the amount you're leasing (adjusted cap cost): the price plus added fees, minus your down payment and trade-in
  $$40,000.00 + $750.00 - $3,200.00 - $0.00$ $= $37,550.00$
3. Turn the APR into a money factor by dividing by 2,400, the form lease math uses
  $\frac{5}{2,400}$ $= 0.00208333$
4. Find the depreciation fee: the value you use up, spread evenly over 24 months
  $\frac{($37,550.00 - $24,640.00)}{24}$ $= $537.92$
5. Find the finance fee (rent charge), the lease's interest: the cap cost plus the residual, times the money factor
  $($37,550.00 + $24,640.00) \times 0.00208333$ $= $129.56$
6. Add the two fees to get the payment before tax
  $$537.92 + $129.56$ $= $667.48$
7. Work out the sales tax on that monthly payment
  $$667.48 \times 9%$ $= $60.07$
8. Add the tax to get what you pay each month
  $$667.48 + $60.07$ $= $727.55$