A new car valued at $27,000 is to be leased for 3 years. The leasee has the option to purchase the car for $15,000 at the end of the lease. What monthly payments, with one payment in advance, are necessary to yield the lessor 7% annually. Calculate from the Lessor's point of view.
| Value | Keystrokes | Display | Description |
|---|---|---|---|
| shift, C TVM | Clears the financial variables. | ||
| 12 | STO, P/YR | 12.00 | Sets the payments per year. This also sets the compounding periods to the same value if using the Focused Calculator. |
| shift, B/E | To toggle the BEG / END mode so the BEG indicator is displayed. | ||
| 36 | N | 36.00 | Stores the number of payments. |
| 7 | I/YR | 7.00 | Stores the desired interest rate. |
| -27000 | PV | -27,000.00 | Stores the initial payment for the car, PV. |
| 15000 | FV | 15,000.00 | Stores the value at the end of the lease, FV. |
| PMT | 455.37 | Calculates the payment, PMT. |