Based on the following, calculate the costs of buying versus leasing a motor vehicle. Purchase Costs Leasing Costs Down payment: $1,500 Security deposit: $500 Loan payment: $450 for 48 months Lease...

Based on the following, calculate the costs of buying versus leasing a motor vehicle.

Purchase Costs                                                                  Leasing Costs

Down payment: $1,500                                                 Security deposit: $500

Loan payment: $450 for 48 months                          Lease payment: $450 for 36 months

Estimated value at end of loan: $4,000                   End-of-lease charges: $600

Opportunity cost interest rate: 4 percent