Buying Versus Leasing You are interested in a $25,000 car. A simplified leasing contract includes the following: (i) up-front cost of $3,000, (ii) $400 monthly lease payment over a 36-month period, and (iii) purchase cost of $12,000 at the end of the lease. What are the implied APR and EAR of the lease? Should you lease the car or buy and finance the car with a loan from the bank in (a)? <8.45%; ...> MUST HAVE DETAILED EQUATIONS