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An off road sport utility vehicle (SUV) is advertised with a purchase price of $41 ,200.00. Shelli is considering the following options in buying the

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An off road sport utility vehicle (SUV) is advertised with a purchase price of $41 ,200.00. Shelli is considering the following options in buying the SUV. Option 1: Purchase the Vehicle with a Loan - The monthly loan payments will be $775.60 per month for 5 years. - The SUV has an estimated value of $24, 750.00 in 5 years. Option 2: Lease the Vehicle - The monthly lease payments will be calculated at 2.9% APR for 5 years. ' The depreciation value is 10% per year. Which option is the cheapest for Shelli and by how much? 0 Option 1, by $1,905.00 0 Option 2, by $2,167.26 0 Option 2, by $113.40 0 Option 1, by $225. 70

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