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2. Lisa Carr is comparing the cost of leasing a new vehicle with the cost of purchasing a used vehicle. The new vehicle she is

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2. Lisa Carr is comparing the cost of leasing a new vehicle with the cost of purchasing a used vehicle. The new vehicle she is considering leasing sells for $18,500 and leases for $298.98 per month plus taxes for a lease term of 36 months. There is no down payment required. The guaranteed residual value of the vehicle is $10,175. Lisa is also considering buying a used vehicle listed at $10,950 plus taxes from a dealership. In order to purchase the vehicle, Lisa would have to take out a three-year a) Calculate the total monthly leasing payment of the new vehicle. loan at 8%. (10 marks) b) Calculate the total amount paid by the end of the lease on the new vehicle. c) Calculate the total residual value of the new vehicle, including taxes

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