buying vs. leasing\njamir has decided that he needs a new car. he has found the model and color he wants for…

buying vs. leasing\njamir has decided that he needs a new car. he has found the model and color he wants for a purchase price of $25,838.\nto buy the car, he must put 10 percent down, and his loan is for five years with an interest rate of 4.4 percent. his payments are $432.46.\nto lease the car, he can sign a three - year contract with payments of $290. he needs to provide $1,500 up front to pay initial fees and his first months payment. his annual mileage cannot exceed 15,000 miles.\nwhat are the disadvantages if jamir decides to purchase the car? check all that apply.\nhe will not get the model he wants.\nhe will have to come up with a bigger down payment.\nhis monthly payments will be higher.\nhe will have to return the car when he is done making payments.\nthe purchase price will be higher.

buying vs. leasing\njamir has decided that he needs a new car. he has found the model and color he wants for a purchase price of $25,838.\nto buy the car, he must put 10 percent down, and his loan is for five years with an interest rate of 4.4 percent. his payments are $432.46.\nto lease the car, he can sign a three - year contract with payments of $290. he needs to provide $1,500 up front to pay initial fees and his first months payment. his annual mileage cannot exceed 15,000 miles.\nwhat are the disadvantages if jamir decides to purchase the car? check all that apply.\nhe will not get the model he wants.\nhe will have to come up with a bigger down payment.\nhis monthly payments will be higher.\nhe will have to return the car when he is done making payments.\nthe purchase price will be higher.

Answer

Brief Explanations:

  • Buying requires 10% down payment which is likely more than initial costs for leasing.
  • Loan - based buying usually has higher monthly payments than leasing.

Answer:

  • He will have to come up with a bigger down payment.
  • His monthly payments will be higher.