|
Example: Calculation of Base Monthly Payment
| |
Capitalize and
pay over term |
Pay up front |
| Value of vehicle |
$21,500.00
|
$21,500.00
|
| Other items (for example, service contracts
and insurance) |
$800.00
|
$0*
|
| Gross capitalized cost |
$22,300.00
|
$21,500.00
|
| Capitalized cost reduction |
$0
|
$0
|
| Adjusted capitalized cost |
$22,300.00
|
$21,500.00
|
| Residual value |
$12,350.00
|
$12,350.00
|
| Depreciation and any amortized amounts |
$9,950.00
|
$9,150.00
|
| Rent charge |
$5,889.94
|
$5,753.95
|
| Total of base monthly payments |
$15,839.94
|
$14,903.95
|
| Number of lease payments |
48
|
48
|
| Base monthly payment |
$330.00
|
$310.50
|
|