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.\nto 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.\nto 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.\njamirs new job is 25 miles away from his home. what is the most important thing he needs to consider before agrees to a lease?\nwill he enjoy riding in his new car?\nwill he drive more than 15,000 miles per year?\nwill he be able to afford his $432 payment?\nwill 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.\nto 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.\nto 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.\njamirs new job is 25 miles away from his home. what is the most important thing he needs to consider before agrees to a lease?\nwill he enjoy riding in his new car?\nwill he drive more than 15,000 miles per year?\nwill he be able to afford his $432 payment?\nwill he be able to come up with the $2,500 down payment?

Answer

Brief Explanations:

When leasing a car, one of the key factors is the mileage limit. If Jamir drives more than the allowed annual mileage (15,000 miles in this case), he may face additional charges. Enjoying the ride is subjective and not a critical factor for a lease agreement. The $432 payment is for buying, not leasing. The $2,500 down - payment is for buying (10% of $25,838 is $2,583.8, close to $2,500). Since his new job is 25 miles away (assuming he commutes daily, say 25 * 2 = 50 miles per day, 50 * 250 working days = 12,500 miles per year without considering other trips), but if he has other travel, mileage is crucial.

Answer:

Will he drive more than 15,000 miles per year?