You are in the market for a new Toyota Scion. You can either lease it or purchase it. If you lease: you must put $2,000 down and make monthly payments of $299 for 48 months, at the beginning of each month. If you return the car at the end of the lease you will incur a $250 lease termination fee and expect to pay $500 in excess wear and tear fees. You have the option to purchase the car for an additional payment of $7,000 (residual value) at the end of the lease If you purchase: it will cost you $21,000. You plan to put down $2,000 towards the purchase and finance the rest. If your financing rate is 6% APR paid monthly, and you plan to return the car at the end of the lease period, what is the total cost of the leasing option today? You are in the market for a new Toyota Scion. You can either lease it or purchase it. If you lease: you must put $2,000 down and make monthly payments of $299 for 48 months, at the beginning of each month. If you return the car at the end of the lease you will incur a $250 lease termination fee and expect to pay $500 in excess wear and tear fees. You have the option to purchase the car for an additional payment of $7,000 (residual value) at the end of the lease If you purchase: it will cost you $21,000. You plan to put down $2,000 towards the purchase and finance the rest. If your financing rate is 6% APR paid monthly, and you plan to return the car at the end of the lease period, what is the total cost of the leasing option today