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Timothy can purchase a new car for $ 3 5 , 0 0 0 . Alternatively, in addition to a down payment of $ 2

Timothy can purchase a new car for $35,000. Alternatively, in addition to a down payment of $2,000, Timothy can make lease payments of $350 at the beginning of each month for three years to lease the car. The car has a residual value of $17,500. Assume that the cost of borrowing is 3.31% compounded monthly.
In the lease option, what will be the buyback value of the vehicle at the end of two years?

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