Use Worksheet $5\mathrm{.}1.$ Joshua Reed is trying to decide whether to lease or purchase a new car costing $$35,000.$ If he leases, he'll have to pay a $$1,300$ security deposit and monthly payments of $$665$ over the $48-$month term of the closed$-$end lease. On the other hand, if he buys the car then he'll have to make a $$7,000$ down payment and will finance the balance with a $48-$month, $6\mathrm{.}5$ percent loan requiring monthly payments of $$713\mathrm{.}82$; he'll also have to pay a $6$ percent sales tax $($$$2,100)$ on the purchase price $($to be included in the financing$),$ and he expects the car to have a residual value of $$10,200$ at the end of $4$ years. Joshua can earn $3$ percent interest on his savings and plans to include the sales tax in the amount financed on the purchase. Use the automobile lease versus purchase analysis form in Worksheet $5\mathrm{.}1$ to find the total cost of both the lease and the purchase and then recommend the best strategy for Joshua.