Enrico Alonso recently leased a new luxury car. His payments are $658 per month for 60 months. His deposit was $6,000. He paid a $105 title fee and an $80 license fee. What is his total lease cost?

This is the concept of financial arithemetic;

We are required to calculate the total cost of leasing a new luxury car.

Here we shall use the formula;

total cost=[deposit+title fee+licence] + (monthly payment*number of months)

deposit=$658

title fee=$105

license=$80

monthly payments=6000

number of months=60

thus;

total cost=[6000+105+80]+[658*60]

total cost=6185+39,480

total cost=$45,665