Question: Please show work! 1. You are considering leasing a $40,000 car for 3-years. If the financing rate is 5% and the residual value is $25,000.

Please show work!

1. You are considering leasing a $40,000 car for 3-years. If the financing rate is 5% and the residual value is $25,000. What would be the monthly lease payment?

2. An investment fetched a total simple interest of $30 in the first quarter. APR = 12% with quarterly compounding. What would be the "interest on interest" for the second quarter? Hint: use the first quarter simple interest to calculate $ amount of investment first.

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