For a typical 24-month lease on a car costing $9,400, the monthly charge is about $267. At the end of the 24 months, the car is returned to the lease company. As an alternative, the same car could be bought with no down payment and 24 equal monthly payments, with an interest rate of 12% (nominal annual percentage rate). At the end of 24 months, the car would be fully paid for. The car would then be worth about half its original cost if sold. a) Over what range of yearly nominal before-tax interest rates is leasing the preferred alternative? b) What are some of the reasons that would make leasing a more desirable alternative than is indicated in (a)?