PA-28 Instructor pilot; with trainee; reported confusion with ATC's instructions regarding which taxiway to use for runway exit.

Narrative

At approximately XA:20; we were operating VFR at ZZZ and were instructed by Tower to join left downwind for Runway XX. We were later instructed to follow traffic on final. We reported the traffic in sight and initiated the base turn once the traffic was observed behind our wing.Tower subsequently instructed us to turn direct to the numbers and advised that jet traffic was inbound; requesting that we maintain a faster speed on final. Based on this transmission; we believed the jet traffic was sequenced to land behind us on Runway XX. We complied by expediting our final approach as requested.After landing on Runway XX; we required additional rollout distance to decelerate safely. Tower instructed us to exit at Taxiway 1 and advised that if unable; NO/NEXT (MISHEAR) intersection. Due to aircraft performance; we were unable to safely exit at Taxiway 1. Given our understanding that jet traffic was landing behind us and our focus on clearing the runway as expeditiously as possible; we interpreted the instruction as allowing exit at the next available intersection.We exited Runway XX at the next intersection; which was the Runway XYR/XZL intersection. Tower then advised that jet traffic was on a one-mile final for Runway XYR and that we were not intended to exit at the runway intersection; but at the next taxiway beyond the intersection.The situation developed rapidly following landing; with high workload and compressed timing. Our expectation that the jet traffic was landing behind us on Runway XX; combined with ambiguous phraseology regarding runway exit options; contributed to our misunderstanding. After our exit; ATC instructed the jet traffic on Runway XYR to execute a go-around.No loss of separation occurred between aircraft; and the runway was vacated promptly once the misunderstanding was identified.