Suppose you need a piece of equipment for a project that has a purchase price of $22,000. Assume it also had a daily operational cost of $750. Suppose you could lease the same piece of equipment for $1200 per day, including operational costs. Set up the equation that would determine when it makes sense financially to purchase instead of lease. Write out your formula and then explain when the purchase cost would equal the lease cost.
Please point me to the correct path. I am using y=mx+b. I believe this is wrong.