You are considering obtaining a car, you have two alternatives, one purchase the car using a loan from your bank, or lease the car from the dealer. If you borrow, the bank will require monthly payments and will charge you 7% for a 5 year loan. If you lease, the dealer will require payments of $280 at the beginning of each month for 3 years and a final payment of $13,700 if you want to keep the car. For a $20,000 car, which alternative provides the best deal? At what rate for the best deal?