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Based on the following, calculate the additional costs of buying versus leasing a car. (round to nearest dollar) Purchase costs Down payment $ 1,500 Monthly
Based on the following, calculate the additional costs of buying versus leasing a car. (round to nearest dollar)
| Purchase costs | ||||
| Down payment | $ 1,500 | |||
| Monthly loan payment | $ 450 | |||
| Loan term (yrs) | 4 | yrs | ||
| Est. car value at end of loan | $ 4,000 | |||
| Opportunity cost interest rate | 4% | |||
| Lease costs | ||||
| Security deposit | $ 500 | |||
| Lease payment | $ 450 | |||
| Lease term | 3 | yrs | ||
| End of lease charges | $ 600 | |||
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Foundations Of Personal Finance
Authors: Sally R. Campbell, Robert L. Dansby
9th Edition
1619603578, 9781619603578
