jamir has decided that he needs a new car. he has found the model and color he wants for a purchase price of…

jamir has decided that he needs a new car. he has found the model and color he wants for a purchase price of $25,838. to buy the car, he must put 10 percent down, and his loan is for five years with an interest rate of 4.4 percent. his payments are $432.46. to lease the car, he can sign a three - year contract with payments of $290. he needs to provide $1,500 up front to pay initial fees and his first months payment. his annual mileage cannot exceed 15,000 miles. jamirs new job is 25 miles away from his home. what is the most important thing he needs to consider before he agrees to a lease? will he enjoy riding in his new car? will he drive more than 15,000 miles per year? will he be able to afford his $432 payment? will he be able to come up with the $2,500 down payment?

jamir has decided that he needs a new car. he has found the model and color he wants for a purchase price of $25,838. to buy the car, he must put 10 percent down, and his loan is for five years with an interest rate of 4.4 percent. his payments are $432.46. to lease the car, he can sign a three - year contract with payments of $290. he needs to provide $1,500 up front to pay initial fees and his first months payment. his annual mileage cannot exceed 15,000 miles. jamirs new job is 25 miles away from his home. what is the most important thing he needs to consider before he agrees to a lease? will he enjoy riding in his new car? will he drive more than 15,000 miles per year? will he be able to afford his $432 payment? will he be able to come up with the $2,500 down payment?

Answer

Brief Explanations:

When considering a car - lease, the most crucial factor is affordability. Jamir needs to ensure he can meet the financial obligations. While enjoying the ride and mileage limits are important, they are secondary to being able to afford the payments and the down - payment. The ability to afford the $432 payment and come up with the $2,500 down - payment are both financial aspects, but the down - payment is a one - time upfront cost that is a prerequisite for the lease. So, being able to come up with the down - payment is the most important consideration before agreeing to a lease.

Answer:

Will he be able to come up with the $2,500 down payment?