Suppose you are going to enter into a six-year, $22,000 financial lease that requires monthly payments based

Question:

Suppose you are going to enter into a six-year, $22,000 financial lease that requires monthly payments based on an 8-percent lease rate. Alternatively, you could borrow $22,000 via a six-year loan that requires monthly payments based on a 7-percent lending rate. Which option should you choose?