Quantitative Problems (25 points) Please show your work to earn full credit for each problem. Round your final answers to two decimal places. 1. Car Purchase vs Lease Decision (25 points) Compare the purchase versus the option to lease the car. Assume that you received the following offer: Option 1: Purchase a car with a $2,000 down payment. If you invested those funds instead, you could earn 3% per year. You would borrow the remaining money over a 48 -month period, and your monthly payment would be $450 per month. You believe you could sell the car for $10,000 at the end of 4 years. Option 2: Lease the car with a $1,000 security deposit. If you invested those funds instead, you could earn 3% per year. Your monthly lease payment would be $300 per month over 48 months. You believe could get a full refund of your security deposit at the end of the leasing period. a) What is the cost of purchasing a car? (10 points) b) What is the cost of leasing a car? (10 points) c) Based on your analysis, would you purchase or lease the car? (5 points)