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You have shopped for a new car, and the best purchase price you can get is $15,000. You have been offered a lease with 36

You have shopped for a new car, and the best purchase price you can get is $15,000. You have been offered a lease with 36 month-end payments of $249 and a residual value of $7,500. The interest rate that the bank would charge you to borrow money is 9% (APR). What is the NPV of the lease arrangement? (Ignore taxes.)NPV of the lease arrangement? (Ignore taxes.) Correct Answer: $1,439. Please show & explain your calculations.

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