You are buying a new car. The cost is $50,000 with 10% down, payable and 60 equal monthly payments which include interest at an annual rate of 8%. What are the monthly payments?

You have an option of:

1. Purchasing a new car for $30,880 with 10% down and making 60 equal monthly payments including interest. The bank will charge you 8%.

OR

2. Leasing the car for $600 per month for 60 months with a down payment of $1500. You can, and plan to purchase the car at the end of the lease for $3000.

Which is the better option?