Ray owns a gym and he needs equipment for a new workout class. He has two different options: Lease equipment for $1100 per month for 2 years. Purchase new equipment for $24 000 which he will finance with a bank loan that charges an interest rate of 7.1%, compounded monthly. He will pay off the loan in 2 years with regular monthly payments. After 2 years, he can sell the equipment for $3800. How much will Ray save if he chooses the cheaper option? [5 marks