After deciding to buy a new car, you can either lease the car or purchase it with a two-year loan. The car you wish to buy costs $34,500. The dealer has a special leasing arrangement where you pay $98 today and $498 per month for the next two years. If you purchase the car, you will pay it off in monthly payments over the next two years at an APR of 5 percent. You believe that you will be able to sell the car for $22,500 in two years.

What is the present value of purchasing the car? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

What is the present value of leasing the car? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16)

What break-even resale price in two years would make you indifferent between buying and leasing? (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))