You're considering buying an asset that has a $3-$year life and costs $$2,000.$ As an alternative to buying the asset, you can lease it for $$600$ per year $($four annual payments, the first due today$).$

Your bank is willing to lend you money for $15\%.$

What is the largest annual lease payment you would be willing to pay? $($Hint: Use Goal Seek to find the answer$).$

Please use excel to find solutions and show formulas