3-15 You are considering either buying or leasing a new BMW 730i Money is worth 1 % per month to you and your options are shown below. Buy Option Pay $1,500 down Pay $1,400 per month for 3 years Sell at end of three years for $30,000 continued) Lease Option Pay no money down Pay $950 per month for 3 years Give back to leasing company at the end of three years Which option do you prefer? What would the resale value of the car at the end of 3 years have to be to make the two deals equivalent