After deciding to get a new car, you can either lease the car or purchase it with a two-year loan. The car you wish to b

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After deciding to get a new car, you can either lease the car or
purchase it with a two-year loan. The car you wish to buy costs
$34,000. The dealer has a special leasing arrangement where you pay
$97 today and $497 per month for the next two years. If you
purchase the car, you will pay it off in monthly payments over the
next two years at an APR of 6 percent, compounded monthly. You
believe that you will be able to sell the car for $22,000 in two
years.
Calculate the present value of resale price,
the present value of purchase, the present value of lease
payments, the present value of resale price at breakeven, and
the breakeven resale price.