you have a Mazda, which was evaluated at a dealer for $$5,000$ for a trade$-$in$.$ You also have a private buyer who is interested in offering $$6,200$ for the car. At this time, you need to get a new car, either leased or financed. Considering Toyota covers the first two years of car maintenance, you have decided to check out the options on their website.

Step $1.$ Find a car on the Toyota website and

build it $($select features you want$)$ to see the price. Attach a picture of the vehicle. $2023$ GR$86$ AT

The purchasing price after taxes but before applying trade$-$in or downpayment is $

$41,923\mathrm{.}00$

$.$

Note: For some vehicles, you will see a check box of "Include rebates". Please make sure the box is not checked and no rebate is applied to your calculation. Otherwise, your answers will be marked incorrectly. This question is coded based on the formula, and the rebate is not taken into consideration into the formula.

Although this kind of grading mistake can be corrected manually when I review your submission, it may cause confusion while you were attempting the question.

Step $2.$

Choose the payment frequency that you want to lease or finance the car

chosen: Monthly

Choose a time frame that you want to lease or finance the car

chosen : $36$ months

Note: Not all the time frame is available for both financing and leasing options. For example, some cars can be leased for $24$ months, but financing has to be $36$ months or longer. Please select a time frame that is available for both options. The question is designed this way for easy comparison among different options.

Use the online calculator on the Toyota website, and do all of the following calculations based on the time frame and payment frequency you have chosen above.

Also, you have been approved for a loan at a bank at the interest rate of $3\mathrm{.}23\%.$ Use this rate on Toyota's calculator when calculating your payments.

Finance Scenarios $(1$ and $2)$:

The first scenario: Payment plan with vehicle trade$-$in$.$ Please note the trade$-$in vehicle is owned $($not leased$)$ and there is no outstanding payment left on this vehicle $($which means you have full ownership$).$ Please attach the screen capture for the calculation.

Edit Insert Formats

$(1)$ The periodic payment is $

$$1,042\mathrm{.}49$

$.$

$(2)$ Total payment for the term duration is $

$37529\mathrm{.}64$

$.($Don$\text{'}$t count the trade$-$in amount here$)$

$(3)$ Interest amount you will have to pay over the life of the car loan is

$

$.$

The second scenario: Payment plan without vehicle trade$-$in$,$ instead, private sell your old vehicle and use the money as a downpayment.

Edit Insert Formats

$(1)$ The periodic payment is $

$.$

$(2)$ Total payment for the term duration is $

$.($Don$\text{'}$t count the down payment here$)$

$(3)$ Interest amount you will have to pay over the life of the car loan is

$

Lease Scenarios $(3$ and $4)$:

Please use the loan that you have been approved by the bank for the lease. The interest rate is $3\mathrm{.}23\%.$

Enter the lease$-$end value of the vehicle shown on Toyota's calculator.

$

The third scenario: Lease plan with vehicle trade$-$in$.$

Edit Insert Formats

$(1)$ The periodic payment is $

$.$

$(2)$ Total payment for the term duration is $

$.($Don$\text{'}$t count the trade$-$in amount here$)$

The fourth scenario: Lease plan without vehicle trade$-$in$,$ instead, private sell your old vehicle and use the money as a down payment.

Edit Insert Formats

$(1)$ The periodic payment is $

$.$

$(2)$ Total payment for the term duration is $

$.($Don$\text{'}$t count the down payment here$)$