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Calculate the implicit cost of a 36-month car lease. If your borrowing cost for car loans is 5.5%, should you buy or lease? Down payment

Calculate the implicit cost of a 36-month car lease. If your borrowing cost for car loans is 5.5%, should you buy or lease?

Down payment $3,500

Lease payment/mo. $450

Vehicle cost $28,000

Residual value $12,500

Please show using excel.

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