CBM Inc. is considering whether to lease or buy 20 luxury cars for its executives. The available lease terms are as follows $0 Down Payment(24-month lease) Monthly Payment-$537.00 The cost of a new car, including sales tax is $37.500. If CBM buys the cars, assume it can depreciate each car as follows. CBM will borrow the money at a rate of 6% in order to purchase these cars. Assume the corporate tax rate is 34%. Year Depreciation Rate 1 20% 2 32% 3 19% 4 12% 5 11% 6% If CBM buys the cars, it will hold them for six years before selling them for an estimated residual value of $25,000.00 each. If CBM decides to lease the cars, it will select the zero down payment option. Assume that the monthly lease payments are made as an annual total payment at the end of each year, and the lease payments are guaranteed for six years". Should CBM buy or lease the cars? How much is the Net Advantage to Leasing(NAL)?. Conduct ALL calculations for one car.(25 marks)