You have shopped for a new truck, 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 $6,500. The interest rate that the bank would charge you to borrow money is 9 percent Effective Annual Rate. What is the NPV of the lease arrangement? (Ignore taxes.)

Answers:	$1,335
	$1,500
	$1,785
	$1,975
	$2,108