A vehicle can be purchased by paying $27 000 now, or it can be leased by paying $725 per month for the next four years, with the first payment due...

#20. A vehicle can be purchased by paying $27 000 now, or it can be leased by paying $725 per month for the next four years, with the first payment due on the day of signing the lease. What nominal annual rate of interest is charged on the lease? Explain with all the calculations