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You should lease rather than buy when: IRR from leasing exceeds the after tax cost of borrowing annual loan payments for a purchase are less

You should lease rather than buy when:

IRR from leasing exceeds the after tax cost of borrowing

annual loan payments for a purchase are less than the annual lease payments

NAL from leasing is positive

IRR from leasing exceeds the risk-free rate of return

asset's life is less than five years

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