We will be looking at a Ford Fusion that has a selling price of \$35,000. Buying the Car You are going to buy the car with monthly payments at 4.55% interest for 15 years. Your monthly payment will be: $653 How much money will you pay over the life of the loan? 36-month Lease You are given the option to lease the same car for 36 months. Your payment will be $536 per month. You can then buy the car at the end of the lease for $20,300. Since you can afford $653 per month. how much money would you be putting into an annuity each month? If the annuity offers 1.0% annual interest, how much money will be in your account at the end of 36 months? (Round to the nearest dollar.) At the end of the lease, you owe $20,300. If you use the monev from vour annuity as a down payment, how much is left that you need to borrow? If you are going to finance the remaining balance at 4.55% interest for 2 years, what will your payment be? $ (Round to the nearest dollar.) Fill in the following table to help determine the money you have spent out of pocket over five years: 24-month Lease You are given the option to lease the same car for 24 months. Your payment will be $519 per month. You can then buy the car at the end of the lease for $26,483. Since you can afford 5653 der month. how much money would you be putting into an annuity each month? If you are going to finance the remaining balance at 4.55% interest for 2 years, what will your payment be? (Round to the nearest dollar.) Fill in the following table to help determine the money you have spent out of pocket over five years: 24-month Lease You are given the option to lease the same car for 24 months. Your payment will be 5519 per month. You can then buy the car at the end of the lease for $26,483. Since you can afford 5653 Det month. how much money would you be putting into an annuity each month? If the annuity offers 1.0% annual interest. how much money will be in your account at the end of 24 months? 5 (Round to the nearest dollar.) At the end of the lease, you owe $26,483. If you use the monev from vour annuity as a down payment, how much is left that you need to borrow? If you are going to finance the remaining balance at 4.55% interest for 3 years, what will your payment be? 5 (Round to the nearest dollar.) Fill in the following table to help determine the money you have spent out of pocket over five vears: Complete the following table: Wrich optian is the best? At the end of the lease, you owe $26,483. If you use the money from your annuity as a down payment, how much is left that you need to borrow? If you are going to finance the remaining balance at 4,55% interest for 3 years, what will your payment be? 5 (Round to the nearest dollar:) Fill in the following table to help determine the money you have spent out of pocket over five years: Conclusion Complete the following table: Which option is the best? 36-Month Lease Buying the Car 24-Month Lease We will be looking at a Ford Fusion that has a selling price of \$35,000. Buying the Car You are going to buy the car with monthly payments at 4.55% interest for 15 years. Your monthly payment will be: $653 How much money will you pay over the life of the loan? 36-month Lease You are given the option to lease the same car for 36 months. Your payment will be $536 per month. You can then buy the car at the end of the lease for $20,300. Since you can afford $653 per month. how much money would you be putting into an annuity each month? If the annuity offers 1.0% annual interest, how much money will be in your account at the end of 36 months? (Round to the nearest dollar.) At the end of the lease, you owe $20,300. If you use the monev from vour annuity as a down payment, how much is left that you need to borrow? If you are going to finance the remaining balance at 4.55% interest for 2 years, what will your payment be? $ (Round to the nearest dollar.) Fill in the following table to help determine the money you have spent out of pocket over five years: 24-month Lease You are given the option to lease the same car for 24 months. Your payment will be $519 per month. You can then buy the car at the end of the lease for $26,483. Since you can afford 5653 der month. how much money would you be putting into an annuity each month? If you are going to finance the remaining balance at 4.55% interest for 2 years, what will your payment be? (Round to the nearest dollar.) Fill in the following table to help determine the money you have spent out of pocket over five years: 24-month Lease You are given the option to lease the same car for 24 months. Your payment will be 5519 per month. You can then buy the car at the end of the lease for $26,483. Since you can afford 5653 Det month. how much money would you be putting into an annuity each month? If the annuity offers 1.0% annual interest. how much money will be in your account at the end of 24 months? 5 (Round to the nearest dollar.) At the end of the lease, you owe $26,483. If you use the monev from vour annuity as a down payment, how much is left that you need to borrow? If you are going to finance the remaining balance at 4.55% interest for 3 years, what will your payment be? 5 (Round to the nearest dollar.) Fill in the following table to help determine the money you have spent out of pocket over five vears: Complete the following table: Wrich optian is the best? At the end of the lease, you owe $26,483. If you use the money from your annuity as a down payment, how much is left that you need to borrow? If you are going to finance the remaining balance at 4,55% interest for 3 years, what will your payment be? 5 (Round to the nearest dollar:) Fill in the following table to help determine the money you have spent out of pocket over five years: Conclusion Complete the following table: Which option is the best? 36-Month Lease Buying the Car 24-Month Lease