6. Tony needs a new car while attending college in California for the next three years. The car he would like has an MSRP of $15,000.
Here are two options offered:
1st option (lease); A local dealer can get him a three-year loan with a 7% interest rate if Tony can make a $1,500 down payment.
2nd option (purchase); The same dealer offers the same car for lease with a money factor of 0.00271 and a residual value of 75%.
The lease requires an additional fee of $1,250 to cover Tony's security deposit and the acquisition and documentation fees for the
car.
Tony wants to drive the car home with the smallest monthly payment. Which of the following statements is true?
a. The monthly payment for the loan is lower.
b. The monthly payment for the lease is lower.
PRUP
C. The monthly payments for the lease and loan are the same.
You cannot compare the monthly payments for leases and loans.
d.