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What is the cost of leasing the laptop

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Reference no: EM131411643

A graphic designer needs a laptop for audio/video editing, and notices that they can elect to pay $2900 for a Dell XPS laptop, or lease from the manufacturer for monthly payments of $79 each for four years. The designer can borrow at an interest rate of 7% APR compounded monthly. What is the cost of leasing the laptop over buying it outright?

A. Leasing costs $311 more than buying.

B. Leasing costs $384 more than buying.

C. Leasing costs $399 more than buying.

D. Leasing costs $892 more than buying

Please provide every single step. (even the little ones).

Reference no: EM131411643

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