1. Lease vs purchase car decision (Use Worksheet 5.) Chris Svenson is trying to decide whether to lease or purchase a new car costing $18,000. If he leases, he'll have to pay a $600 security deposit and monthly payments of $425 over the 36-month term of the closed-end I the car then he'll have to make a $2,400 down payment and will finance the balance with a 36-month loan requiring monthly payments of $515; he'll also have to pay a 6 percent sales tax ($1,080) on the purchase price, and he expects the car to havea residual value of $6,500 at the end of 3 years. Chris can earn 4 percent interest on his savings. Find the total cost of both the lease and the purchase and then recommend the best strategy for Chris