James and Corrine are considering what to do about purchasing a new car.They have acquire a new 2016 Toyota Highlander. The dealer has quotes a price of $35,000 withthe options they want.They have choices. With a payment of $4,300, they can lease the car for 3 years at $324 per month.At the end they have the option to purchase the car for $25,000. If they decide to buy, they have the option of a zero interest loan for 3 years, or $4,000 off the purchase price and a 5 year loan with an interest rate of 6%. In both cases, the cost of sales tax and license tags total $2,500.They plan to keep the car for 12 years.Which option has the lowest present value cost?They decided to use 6% as the discount rate.

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