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You need a new car. You can either purchase one outright for 15000 or lease one for 7 years for 3000 a year. If you

You need a new car. You can either purchase one outright for 15000 or lease one for 7 years for 3000 a year. If you buy the car, it will be worth 500 to you in 7 years. The discount rate is 10%. Should you buy or lease? What is the maximum lease payment you would be willing to pay?

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