You have just started your first job and you want to have the basic appliances (fridge, washer, dryer, etc.) in your apartment. You face the following choices: (i) Purchase all appliances at the store using a bank loan. There is no down payment as the bank can take your appliances if you default on the loan. The loan is at the annual market rate of 8%, and the loan amount is $7,300 to be repaid monthly over 4 years. (ii) Rent-to-buy from the same store. The monthly rental is $160 for 48 months and then you pay $800 to own all the appliances. What is the net cost today of the cheapest option? The answer should be 7064.09, 7206.80. Could you please use excel and explain as much detailed as possible? Thanks!