Please answer all part of the question 2. Erica wants a car. She found one that she wants to buy or lease that has apurchase price of $22 400. She has saved up a down payment of $2200. Shewants low monthly payments because she is also paying off a student loan.Buying option:The loan for the purchase price must be repaid in 48 monthly payments of$450.00.Leasing option:There are 36 monthly lease payments of $385.00 including taxes.• The purchase price at the end of the lease is $10 600.00.a. What is the total cost to buy the car?b. What is the total cost to lease for 3 years?c. What is the cost to buy the car at the end of the lease?d. How much will Erica have spent in total if she chooses to buy the car atthe end of the lease?e. What do you think is the best option for Erica? Why?

It is given in the question that if the car which Erica wants to have can either be bought or taken…

a. What is the total cost to buy the car? b. What is the total cost to lease for 3 years? c. What is the cost to buy the car at the end of the lease? d. How much will Erica have spent in total if she chooses to buy the car at the end of the lease? e. What do you think is the best option for Erica? Why?