Problem $8-9$ Buying versus Leasing a Motor Vehicle $[$LO$8-2]$

Purchase Costs

Down payment

$ $1,600$

Loan payment

$ $430$ for $36$ months

Estimated value at end of loan

$ $4,600$

Opportunity cost interest rate

$6$ percent

Leasing costs

Security deposit

$ $880$

Lease payment

$$370$ for $36$ months

End of lease charges

$ $1,470$

Based on the costs listed in the table above, calculate the costs of buying and of leasing a motor vehicle.

Note: Round your answers to the nearest whole number.

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