Jennifer is leasing a car from a local auto retailer. The terms of the lease include a 9% interest rate for 36 months with a res
1 answer:
Answer:
d. $312.06
Step-by-step explanation:
The terms of the lease include a 9% interest rate for 36 months with a residual value of 57%
So, residual value is = = $9,975
The value of the car = = $7,525
Monthly payment = = $209.03
Interest incurred = (17500+9975)\times0.00375= $103.03
Hence, Jennifer’s monthly lease payment will be =
= $312.06
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