Youre 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%. a. Should you lease or purchase the asset? b. What is the largest lease payment you would be willing to make? (Answers: Lease; $609.16).

Please show how to do it in Excel and the formulas used.