Lease-versus-purchase decision Personal Finance Problem Joanna Browne is considering either leasing or purchasing a new Chrysler Sebring convertible that has a manufacturer's suggested retail price (MSRP) of $33,500. The dealership offers a 3-year lease that requires a capital payment of $3,275 (S2,950 down payment + $325 security deposit) and monthly payments of $496. Purchasing requires a $2,660 down payment, sales tax of 6.4% ($2,144), and 36 monthly payments of $916. Joanna estimates the value of the car will be $17,000 at the end of 3 years. She can earn 4.9% annual interest on her savings and is subject to a 6.4% sales tax on purchases. Make a reasonable recommendation to Joanna using a lease-versus-purchase analysis that, for simplicity, ignores the time value of money. a. Calculate the total cost of leasing. b. Calculate the total cost of purchasing c. Which should Joanna do