Rob needs a vehicle for her business. She has decided upon an SUV. There is a $420 deposit, a $300 shipping charge, and $428 in other fees that must be paid upon delivery. Calculate the total cost over the four year lease term for the vehicle if the monthly payment is $754.95.
First, calculate the total amount of fees that must be paid upfront:
$420 + $300 + $428 = $1148
Next, calculate the total cost of the monthly payments over the four-year lease term:
$754.95/month x 12 months/year x 4 years = $36,237.60
Finally, add the upfront fees to the total cost of the monthly payments:
$1148 + $36,237.60 = $37,385.60
Therefore, the total cost over the four-year lease term for the SUV will be $37,385.60.