Essential Mathematics Final Practice Exam Worksheet - Grade 12 Page 6
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502. A four-wheel-drive vehicle sells for $28,750, plus tax, and leases for $378 per month plus
tax for a lease term of 24 months. A down payment of $5000 is required. The guaranteed
residual value of the vehicle is 60% of the sales price.
(Module 5, Lesson 2 and Lesson 4)
a) Calculate the total monthly leasing payment. (1 mark)
b) Calculate the total amount paid by the end of the lease. (2 marks)
c) Calculate the total residual value of the four-wheel-drive vehicle, including taxes.
(2 marks)
d) Calculate the total cost of the vehicle if it is purchased outright at the end of the lease.
(1 mark)
e) Calculate how much the vehicle depreciates in two years. (2 marks)
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G r a d e 1 2 E s s e n t i a l M a t h e m a t i c s
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