4a. You are given two mutually exclusive options from the dealer on a $24,000 car: (i) $1,500 cash rebate or (ii) 36-month low rate loan at 0.6% APR. The prevailing APR on 36-month auto loan from a typical bank is 3.6%. Which option is a better deal? (show your work)

4b. You plan to buy a $35,000 car. A simplified leasing contract includes the following: (i) upfront cost of $5,000, (ii) $450 monthly lease payment over a 48-month period, and (iii) purchase cost of $18,000 at the end of the lease. Calculate the implied APR and EAR of the lease? Should you finance your purchase with the lease or a bank loan at 9%? (show your work)

Please show all work