#$6.$ Corbin & Co$.$ is evaluating the merits of leasing versus purchasing an automobile with a $4-$

year life that costs $$45,000$ and falls into the MACRS $3-$year class $($useful life of the automobile

is $10$ years$).$ The funds needed could be borrowed from the bank through a $4-$year amortized loan

at an $8\%$ interest rate, with payments to be made at the end of each year, thus the interest expense

for taxes would decline over time. The automobile will be used for $4$ years, at the end of which

time it will be sold at an estimated residual value of $$12,000.$ If Corbin buys the automobile, it

would purchase a maintenance contract that costs $$1,200$ per year, payable at the end of each year.

The lease terms, which include maintenance, call for a $$11,000$ lease payment $(4$ payments total$)$

at the beginning of each year. Corbin's tax rate is $35\%.$ What is the net advantage to leasing $($NAL$)?$

Please refer the table below for MACRS rates. $(20$ points$)$

MACRS Depreciation Percentages

For an amortizing loan, you can use the loan schedule table as below.

Please add all excel formulas used to derive each equation