Sam leases a car for 24 months. the car will cost him $7,000 if he decides to buy it at the end of the lease. what term describes the $7,000? a. interest b. residual value c. lease amount

Term that describes  $7,000 is:

B. residual value

Step-by-step explanation:

We are given that:

Sam leases a car for 24 months. The car will cost him $7,000 if he decides to buy it at the end of the lease.

Then the term that describes $7000 is

B. residual value

(Since,  The residual value is the estimated value of a fixed asset at the end of its lease or at the end of its useful life.)

answer for #1 is c

answer for #2 is d

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