A computational engineer needs a workstation for programming, and notices that he can pay $4000 for a Dell Precision Workstation, or lease from the supplier for monthly payments of $100 each for five years (paid at the end of each month). The engineer can borrow at an interest rate of 12% APR compounded monthly. Answer the following 2 questions.

a) Draw the timeline for leasing the workstation.

b) What is the cost of leasing the workstation over buying it outright?

Please write down the answers and the process of solving them. Thank you.