Algebra closeouts on the current-year model have the dealership offering 3-year leases with only $500.00 due at signing. the lessee must have approved credit and is responsible for $0.15 per mile over 12,000 miles per year. if the total lease cost is $9,050.00, how much is each monthly lease payment?

Now, this question is a bit confusing. I hope what I did is correct though:
First, do 9050 - 500 (the amount given when signing)  = 8550
Then, do 8550 ÷ 36 (36 months = 3 years)                   = 237.50
So $237.50 should be your answer.

Hope this helps!

If I am wrong PLEASE tell me. I need to know. Because if I anything, I can ask my friend to erase this answer.