To complete this assignment, begin by selecting a car price between $14,000 and $16,000, ensuring that the price you choose is different from those chosen by your classmates. This will serve as the basis for all subsequent calculations. Next, use your knowledge of leases, loans, and investment accounts to make a prediction. Consider which of the four options will likely result in the lowest overall cost and which option will be the most suitable for your friend’s needs. It’s important to recognize that the least expensive option may not necessarily be the most practical. In the following step, analyze each of the four financing options your friend is considering. For each option, create an information page that includes a clear explanation of how it works, as well as any important financial terms your friend may need to understand, such as “leasing,” “residual value,” “compounding interest,” “secured vs. unsecured loans,” and “fixed vs. variable interest.” Perform detailed mathematical calculations to estimate the total cost. For the bank loan option, use an online car loan calculator. Additionally, discuss the advantages and disadvantages of each option, taking into account both financial and non-financial factors. Once you have completed the calculations and comparisons, use your findings to make a recommendation for your friend. Consider both the financial calculations and any other relevant factors. Be sure to mention any assumptions you made while completing the assignment, as well as any limitations in the available information. Your final report should include an introduction that outlines the task and states your chosen car price, along with any assumptions you made. In the main body, present your calculations and analysis for each option, discussing the reasonableness of your models and any limitations that could affect their accuracy for a general borrower. Summarize the pros and cons of leases, loans, and savings for car ownership, and reflect.