You can buy a car for $25,200 or lease the same car for three years for a down payment of $1,500 and monthly payments of $475/ month. If you buy the car you can resell it after three years for $7,500. Which option is less expensive? And by how much?

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter2: Solving Linear Equations
Section2.2: Use A Problem Solving Strategy
Problem 2.53TI: Eduardo noticed that his new car loan papers stated that with a 7.5% simple interest rate, he would...
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You can buy a car for $25,200 or lease the same car for three years for a down payment of $1,500 and monthly payments of $475/ month. If you buy the car you can resell it after three years for $7,500. Which option is less expensive? And by how much?
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