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You see a car in a dealership with a net cap cost of $29,000. You are assuming that in 3 years the residual will be

You see a car in a dealership with a net cap cost of $29,000. You are assuming that in 3 years the residual will be $15,000. Sales tax is 11%. You could buy the car with an 11% down payment and a three-year loan that charged 3% interest compounded monthly. You could lease it for $445 per month. Would it be cheaper to buy or to lease the car? Explain.

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