Ralph is leasing a car worth $24,000 for three years. His leasing company says that the car Ralph is leasing will only be worth $16,000 at the end of his lease. Approximately what percentage of the car’s original value will Ralph need to pay as part of his lease?

Question

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Leasing vs. Buying a Car

Ralph is leasing a car worth $24,000 for three years. His leasing company says that the car Ralph is leasing will only be worth $16,000 at the end of his lease. Approximately what percentage of the car’s original value will Ralph need to pay as part of his lease?

Explanation

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