sally is near the end of a three year lease on a car with an original msrp of $38,000. her leasing company claims that the car is now worth only $28,500. which percentage represents the residual value of sallys leased car?
a. 25%
b. 33%
c. 67%
d. 75%

please select the best answer from the choices provided
a
b
c
d

Question

sally is near the end of a three year lease on a car with an original msrp of $38,000. her leasing company claims that the car is now worth only $28,500. which percentage represents the residual value of sallys leased car?
a. 25%
b. 33%
c. 67%
d. 75%

please select the best answer from the choices provided
a
b
c
d

Accepted Answer

{ "quality": "clear", "question_count": 1, "skills_matched": [ "step_cot", "multiple_choice_formatter", "explain_then_answer", "quick" ], "needs_drawing": false, "concepts_used": [ "Residual Value" ], "new_concepts": [], "current_concepts": [ "Residual Value", "Car Lease Calculation" ] } ## Identify the given values $$ \begin{aligned} \text{MSRP} &= \$38,000 \ \text{Residual Value (Current Worth)} &= \$28,500 \end{aligned} $$ ## Calculate the residual value percentage $$ \begin{aligned} \text{Percentage} &= \frac{\text{Residual Value}}{\text{MSRP}} \times 100\% \ &= \frac{28,500}{38,000} \times 100\% \ &= 0.75 \times 100\% \ &= 75\% \end{aligned} $$

a. 25%

b. 33%

c. 67%

d. 75%

{ "subject": "Mathematics", "question_type": "Multiple Choice", "knowledge_point": [ "Mathematics", "Algebra", "Residual Value" ] }

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QUESTION IMAGE

Question

Explanation:

Identify the given values

Calculate the residual value percentage

Answer: