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Buy or Lease WorksheetUse the Buy or Lease template to answer the following questions:Jess wants to buy a 4x4 pickup truck for $24 950 plus PST and GST. She will use her present small car as a trade-in, and will receive $5200 for it. She will make a $3000 down payment and pay for the balance of the cost of the vehicle with a loan. The loan interest is 8.75% and must be repaid in 36 monthly payments. What are her monthly payments and what is the total cost of the truck? Jess also looks at the option of leasing the vehicle for 3 years. The price is still $24950 plus PST and GST and the residual value is set at 48% of the new price. The down payment is $2250 and the interest rate is 8.75%. What is Jess’s monthly lease payment? How much does Jess pay for the lease in total? If Jess decides to buy the truck at the end of the lease, and makes a 2 year loan at 8% to pay the buy-out price of the truck, how much will she pay for the truck altogether? Tara wants to drive a small economy car priced at $19 800 before taxes. She has $3500 to use as a down payment for buying and leasing. If she buys the car, she will get a 4 year loan at 8.5%. If she leases the car, she wants to buy the car at the end of the lease. The lease will be for 3 years at 8.5%, and the residual value will be 43% of the new price. She will also need a 2 year loan, also at 8.5%, at the end of the lease in order to buy out the car. What is the total cost of buying the car?What is the total cost of owning the car if she leases it first?What are some benefits of leasing the car instead of buying? ................
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