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? a. $93.84 b. $99.75 c. $209.03 d. $312.06

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

in problems involving proportions, we can use cross products to test whether two ratios are equal and form a proportion. to find the cross products of a proportion, we multiply the outer terms, called the extremes, and the middle terms, called the means.

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