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

Purchase Costs

Down payment

Loan payment

Estimated value at end of loan

Opportunity cost interest rate

$$1,900$

$$550$ for $36$ months

$$5,000$

Leasing Costs

Security deposit

$5$ percent

Lease payment

$$1,040$

End of lease charges

$$400$ for $36$ months

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.

Answer is complete but not entirely correct.

$\backslash$table$[[$Buying and Leasing$],[$Total purchase cost,$$,16,985],[$Total leasing cost,$$,16,340]]$