Precision Tool is trying to decide whether to lease or buy some new equipment for its tool and die operations. The equipment costs $50,000, has a 3-year life and will be worthless after the 3 years. The pre-tax cost of borrowed funds is 9 percent and the tax rate is 34 percent. The equipment can be leased for $17,500 a year.

What is the net advantage to leasing?

When calculation this with Excel I keep getting the wrong answer can you help me figure out how to do this problem in excel?