You are interested to buy a car which costs you $35,000. You have two options to use the car. If you lease the car (option 1), you must pay $1 now and pay $450 per month for the next three years. If you buy the car using a loan (option 2), you will pay it off over next three years 8% compounding monthly. If you buy the car, you can sell it for 23000 in three years. Should you buy or lease the car?

a) Lease (Option 1)

b) Buy (Option 2)

c) Both have the same cost

d) we dont have enough information

** please solve with steps and include formula, I will upvote and comment!!