Answer:
d. $312.06
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