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 residual value of 57%. the msrp for the car jennifer is leasing is $17,500. what will jennifer’s monthly lease payment be?

By using the residual 57% multiply that to the MSRP of the vehicle and your sum is then subtracted to the MSRP, then the sum of that answer is then divided by the months required to pay the vehicle, which in this case is 36 months. write that answer down and to figure out the interest rate, you add the MSRP to your residual amount and then multiply by the money factor which in this case is 0.00375. and your answer to thet you will add to your previous answer of the monthly payment. here is the work - 

residual - $17,500*0.57= $9,975

car value - $9,975-$17,500= $7,525

Monthly - $7,525/36= $209.03

Interest - ($17,500+$9,975) * 0.00375= $103.03 
 
Final answer - $209.03+$103.03= $312.06 Or in the quiz Answer D.

The answer would be 24mm