Problem $8-9$ Buying versus Leasing a Motor Vehicle $[$LO$8-2]$

Purchase Costs

Down payment

Loan payment

Estimated value at end of loan

Opportunity cost interest rate

Leasing Costs

Security deposit

Lease payment

End of lease charges

$$1,700$

$$440$ for $36$ months

$$5,800$

$8$ percent

$$890$

$$\mathrm{.}550$ for $36$ months

$$870$

Based on the costs listed in the table above, calculate the costs of buying and of leasing a motor vehicle.

Note: Round your answers to the nearest whole number.

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