You are interested in either buying or leasing a car. The price of the car is $50,000. If you buy the car, you have to make a down payment of 30% of the car price today. Thereafter, you will finance the balance with a 3-year car loan at 5% per annum. If you lease the car, you do not have to make the down payment. The monthly lease is $850. At the end of 3 years, you plan to purchase the car from the car-leasing firm by paying a residual value of $25,000. You have access to an investment product that yields 6% per annum. The first loan repayment or first lease payment would occur at the end of the next period (i.e., Time 1 in the worksheet).