You are graduating from UIC and need a car. After considering many vehicles, you have decided that you want a new Toyota Rav4. You can either lease or buy the car and want to decide which is the better choice. Here are the relevant facts: (Show all work to determine the cost of buying or leasing) Buy Closed End Lease Purchase Price: $22,000 Initial Payments: Down payment $2,000 Security deposit $250 Down Payment: $2,250 Term of Lease: 3 years Sales Tax: 8% Monthly Lease payments: $400 Finance: 36 months @ 5% Interest Rate on Savings: 1% Residual Value: $10,000 Interest Rate on Savings: 1% You are graduating from UIC and need a car. After considering many vehicles, you have decided that you want a new Toyota Rav4. You can either lease or buy the car and want to decide which is the better choice. Here are the relevant facts: (Show all work to determine the cost of buying or leasing) Buy Closed End Lease Purchase Price: $22,000 Initial Payments: Down payment $2,000 Security deposit $250 Down Payment: $2,250 Term of Lease: 3 years Sales Tax: 8% Monthly Lease payments: $400 Finance: 36 months @ 5% Interest Rate on Savings: 1% Residual Value: $10,000 Interest Rate on Savings: 1%