A local school can purchase gym equipment for $17,000 or lease some equipment for five years. The lease has a front-end delivery and setup charge of $2,000 and regular payments of $1500 at the beginning of every quarter (including the first quarter). The equipment is expected to have $500 scrap value. Should the school lease or buy the equipment if it can borrow funds at 3.2% compounded annually and what is the current economic value of the savings with the lower-cost option? Leasing can save $14,851 Leasing can save $15.293 Purchasing can save $15.231 Leasing can save $13.293 Purchasing can save $13,293 A local school can purchase gym equipment for $17,000 or lease some equipment for five years. The lease has a front-end delivery and setup charge of $2,000 and regular payments of $1500 at the beginning of every quarter (including the first quarter). The equipment is expected to have $500 scrap value. Should the school lease or buy the equipment if it can borrow funds at 3.2% compounded annually and what is the current economic value of the savings with the lower-cost option? Leasing can save $14,851 Leasing can save $15.293 Purchasing can save $15.231 Leasing can save $13.293 Purchasing can save $13,293 A local school can purchase gym equipment for $17,000 or lease some equipment for five years. The lease has a front-end delivery and setup charge of $2,000 and regular payments of $1500 at the beginning of every quarter (including the first quarter). The equipment is expected to have $500 scrap value. Should the school lease or buy the equipment if it can borrow funds at 3.2% compounded annually and what is the current economic value of the savings with the lower-cost option? Leasing can save $14,851 Leasing can save $15.293 Purchasing can save $15.231 Leasing can save $13.293 Purchasing can save $13,293