Question: Please show work either using excel or financial calculator Mr . Johnson is considering purchasing a BMX X 3 for $ 5 5 , 0

Please show work either using excel or financial calculator
Mr. Johnson is considering purchasing a BMX X3 for $55,000. The down payment is $10,000, and the dealer offers a 5-year loan at 5.5%. What is the monthly payment? Assume that the car has a resale value of $25,000 after 5 years. The dealer also offers a 3-year lease with $5000 down payment, and under the lease terms the car has a residual value of $27,500 at the end of the lease. Assume interest rate of 5.5% for lease. Which is the less expensive option lease or buy?

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