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 = [tex]17500\times0.57[/tex]= $9,975
The value of the car = [tex]17500-9975[/tex] = $7,525
Monthly payment = [tex]\frac{7525}{36}[/tex]= $209.03
Interest incurred = (17500+9975)\times0.00375= $103.03
Hence, Jennifer’s monthly lease payment will be =
[tex]209.03+103.03[/tex] = $312.06
