UUSJ Halus) 1) Mark is hired for a 5 year term position in Grunthal and needs a car for transportation. After this time, he intends to move to Toronto, where he will not need a car. He wonders whether buying or leasing the car would be the better option. Option 1: Buying o purchase price of $20 000.00 (taxes included) o down payment of $5000.00 o interest rate of 3.00%, compounded biweekly, with biweekly payments Option 2: Leasing o monthly payments of $110.00 (taxes included) for 5 years o down payment of $3000.00 o charge of $0.18 /km for every km over 20 000 km/year a) If Mark chooses Option 1 and wants to pay off the car over a five-year period, how much would his payment be every two weeks? Show your work. (2 marks) b) If Mark drives 25 000 km annually, what is the total cost of Option 2? (2 marks) c) If Mark can sell the purchased car to his sister for $7000, after the 5 years, which option should he choose? Explain your reasoning. (1 mark) UUSJ Halus) 1) Mark is hired for a 5 year term position in Grunthal and needs a car for transportation. After this time, he intends to move to Toronto, where he will not need a car. He wonders whether buying or leasing the car would be the better option. Option 1: Buying o purchase price of $20 000.00 (taxes included) o down payment of $5000.00 o interest rate of 3.00%, compounded biweekly, with biweekly payments Option 2: Leasing o monthly payments of $110.00 (taxes included) for 5 years o down payment of $3000.00 o charge of $0.18 /km for every km over 20 000 km/year a) If Mark chooses Option 1 and wants to pay off the car over a five-year period, how much would his payment be every two weeks? Show your work. (2 marks) b) If Mark drives 25 000 km annually, what is the total cost of Option 2? (2 marks) c) If Mark can sell the purchased car to his sister for $7000, after the 5 years, which option should he choose? Explain your reasoning. (1 mark)