Determine which lease is the preferred one

Reference no: EM13208737

the Cadillac motor Car company is advertising a 24-month lease of a Cadillac Devil for $520 payable at the beginning of each month. The lease requires a $2,500 down payment plus a$500 refundable security deposit. As an alternative, the company offers a 24-month lease with a single up-font payment of $ 12,780 plus a $500 refundable security deposit. The security deposit will be refunded at the end of 24-month lease. Assuming an interest rate of 6% compounded monthly , which lease is the preferred one?

Reference no: EM13208737

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