A contractor is considering purchasing a used mobile crane for $$120,000$ that the company coulduse for $8$ years then sell for an estimated salvage value of $$37,500.$ Annual maintenance and repaircosts are estimated to be $$8,000$ per year. As an alternative, the contractor could choose to leasea similar model of mobile crane for $$2,800$ per month, and the maintenance and repair costs areassumed to be covered in leases. Assuming annual operation cost are approximately the same forboth alternatives, with a minimum attractive rate of return of $8\%,$ please help the contractordecide which option has a lower annual total cost, should the contractor purchase or least thecrane if the cost is the key factor here for decision$-$making.