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A car costs $ 1 3 , 4 0 0 . Alternatively, the car can be leased for 3 years by making payments of $

A car costs $13,400. Alternatively, the car can be leased for 3 years by making payments of $291 at the beginning of each month and then bought at the end of the lease for $4,865. If interest is 12% compounded quarterly,a) How much would it cost to buy the car immediately?b) How much would it cost to lease first and then buy it?c) Which alternative is preferable?

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