Exercise 9.3. Own or Lease You have been provided the following information concerning a lease or own decisions. If equipment is owned: Purchase price of equipment $ 50,000 Repairs and maintenance (monthly) $ 100 Utilities (monthly) $ 200 Interest on financing (annual) $ 1,500 Useful life of equipment (years) 10 If equipment is leased: Monthly lease payments $ 600 Repairs and maintenance (Cost is included in lease agreement) Utilities (monthly) $ 150 Required: Determine which is more desirable, own or lease