Pandora will need a new printer for a new product line.

This can be bought for $200,000 (all cash purchase) it will last for 15 years and will be depreciated straight line to zero residual value.

Pandora can lease this equipment at $22,000 per year. These lease payments can be treated as an operating expense for tax purposes when they are paid.

Pandora's borrowing rate is at 6%. Its tax rate is 20%. Would you recommend buying or leasing the printer? Why? Please show all math equations.