You are evaluating whether to lease or buy a car that sells for $26,000. You know you can buy the car for the sales price today. You want to compare buying the car to a lease that the dealer as offered you: under the lease, you would need to make a payment of $6,000 today, make 48 payments of $299 per month and would have the option to purchase the car for $14,000 at the end of the lease term. The appropriate APR in evaluating this monthly lease is 6%. Please use this information for questions 6 - 8. What APR would make leasing versus buying equivalent based solely on financial considerations? Enter you answer to the nearest tenth of a percent and in x.x format, e.g., 9.8% should be entered as 9.8 and not 9.8% or .098. (Hint: think about the difference in payments between the purchase and the lease)