A car dealership has a car advertised to cost $25,000. They offer you two options: (a) buy in cash, with cash back of $2,200, or (b) a lease with $500 due at signing, 48 monthly payments of $322, and a residual value of $12,000. You wish to have the car for 8 years and then will sell it later at an estimated price of $3,000. You can borrow from a local bank at an APR of 6%, compounded monthly, and you wish to analyze which of the two options is best. Organize your work clearly into parts A and B where in A you calculate the net cost of buying, and in B you calculate the cost of leasing (include the effect the $3,000 in each calculation). IN THE ANSWER BOX IN THE ONLINE TEST, WRITE IN YOUR ANSWER TO PART B (THE COST OF LEASING) ROUNDED TO THE NEAREST PENNY (DO NOT INCLUDE A DOLLAR SIGN)...BUT YOUR SUPPORTING WORKSHEET NEEDS TO CONTAIN BOTH (A) AND (B)--BOTH WILL BE GRADED.

FULLY SUPPORT YOUR ANSWERS ON YOUR SUPPORTING ANSWER WORKSHEET AND MAKE SURE YOUR FINAL ANSWER THERE TO PART (B) EQUALS YOUR ANSWER HERE (otherwise no points can be awarded).

A car dealership has a car advertised to cost $25,000. They offer you two options: (a) buy in cash, with cash back of $2,200, or (b) a lease with $500 due at signing, 48 monthly payments of $322, and a residual value of $12,000. You wish to have the car for 8 years and then will sell it later at an estimated price of $3,000. You can borrow from a local bank at an APR of 6%, compounded monthly, and you wish to analyze which of the two options is best. Organize your work clearly into parts A and B where in A you calculate the net cost of buying, and in B you calculate the cost of leasing (include the effect the $3,000 in each calculation). IN THE ANSWER BOX IN THE ONLINE TEST, WRITE IN YOUR ANSWER TO PART B (THE COST OF LEASING) ROUNDED TO THE NEAREST PENNY (DO NOT INCLUDE A DOLLAR SIGN)...BUT YOUR SUPPORTING WORKSHEET NEEDS TO CONTAIN BOTH (A) AND (B)--BOTH WILL BE GRADED.

FULLY SUPPORT YOUR ANSWERS ON YOUR SUPPORTING ANSWER WORKSHEET AND MAKE SURE YOUR FINAL ANSWER THERE TO PART (B) EQUALS YOUR ANSWER HERE (otherwise no points can be awarded).

Manage your time wisely and make sure you leave time to answer #15 (an "I agree" question).

The box to enter your answer is below:

please step by step

A car dealership has a car advertised to cost $25,000. They offer you two options: (a) buy in cash, with cash back of $2,200, or (b) a lease with $500 due at signing, 48 monthly payments of $322, and a residual value of $12,000. You wish to have the car for 8 years and then will sell it later at an estimated price of $3,000. You can borrow from a local bank at an APR of 6%, compounded monthly, and you wish to analyze which of the two options is best. Organize your work clearly into parts A and B where in A you calculate the net cost of buying, and in B you calculate the cost of leasing (include the effect the $3.000 in each calculation). IN THE ANSWER BOX IN THE ONLINE TEST, WRITE IN YOUR ANSWER TO PART B (THE COST OF LEASING) ROUNDED TO THE NEAREST PENNY (DO NOT INCLUDE A DOLLAR SIGN)...BUT YOUR SUPPORTING WORKSHEET NEEDS TO CONTAIN BOTH (A) AND (B)--BOTH WILL BE GRADED. FULLY SUPPORT YOUR ANSWERS ON YOUR SUPPORTING ANSWER WORKSHEET AND MAKE SURE YOUR FINAL ANSWER THERE TO PART (B) EQUALS YOUR ANSWER HERE (otherwise no points can be awarded). Manage your time wisely and make sure you leave time to answer #15 (an "I agree" question). The box to enter your answer is below