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You are thinking about leasing a car. The purchase price of the car is $32000 . The residual value (the amount you could pay to

You are thinking about leasing a car. The purchase price of the car is $32000 . The residual value (the amount you could pay to keep the car at the end of the lease) is $15000 at the end of 36 months. Assume the first lease payment is due one month after you get the car. The interest rate implicit in the lease is 5.75% APR, compounded monthly. What will be your lease payments for a 36 -month lease? (Note: Be careful not to round any intermediate steps less than six decimal places.)

your monthly lease payment will be _____

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