Task
You have just graduated from college, and started a brand new job. You receive you first paycheck and decide, that as a reward for all of your hard work, you are going to treat yourself to a brand new car. The problem is that you do not understand the difference between purchasing and leasing, and you must decide which option is right for you.
Some general things to remember are that when you purchase a new car, after you make all of the required payments the car belongs to you. If you lease the car, you are simply paying a monthly fee to use the car, and at the end of the lease period the car must be given back to the company that you leased it from.
Your task is to search the internet for a new car (that is reasonably priced) and get the amount that the car cost. You must then use a loan calculator to calculate the monthly payment amount if you purchased the car and if you leased the car.
After completing this task, you should be able to explain the difference between buying and leasing a car, and under what circumstances should you buy, and under what circumstances should you lease.
