Lease price on X5 4.8i

[chris24]

I'm looking at a lease on an '07 4.8i and I'm being quoted around $1039/month on a 30 month, 15k miles per year lease with sales tax paid up front and no down payment (other than required bank fees, security deposit, etc...). The MSRP of my spec-ed out 4.8i is $71,120, and I'm being told that lease price is after a $2500 discount off the MSRP, and that the car is residualized at 63%.

If I'm doing this correctly, that means the finance rate for the lease is about 23% based on the following math:

$71,120 - 2500 = 68,620
$68,620 * .37 = 25,389
payment of $1039 = (25,389 * (1 + Rate) / 30
total payments of $31,170 = 25,398 * (1 + Rate)
31,170/25,398 = 1.23, rate therefore = 23%, which seems very, very high to me. I'm not sure if I'm calculating this correctly or if some of the information I have is off.....

Can anyone tell me what lease rates in the US they're seeing, or if I'm missing something here? Trying to figure out if I'm really getting the discounts I'm being told I am, and just trying to understand how lease calculations are done...

Thanks!