1. Use the TVM solver to answer this question. Suppose a new car with a purchase price of $25 150 can be bought or leased at an interest rate of 5.6%, compounded monthly for 48 months. The down payment on the purchase is 10% of the purchase price or $2515, while the down payment on the lease is $1040. The residual value for the lease is $14 750. There is a similar car on the lot that is two years old, selling for $17 500. The down payment required on the used car is $1750. Assume the residual value of the car at the end of the lease is $0.00. Bold text start Bold text End
   • Determine the monthly payment for each of the three options if the terms of each loan are the same.
   • Determine the total amount of interest paid on each loan.
   • Determine the total amount paid for each of the three options, including principal, interest, and down payment.