Keith wants to buy his first vehicle for $10,000. The dealer will sell it to him over three years at eight percent interest or lease it to him for the same rate over the same period. The vehicle has a residual value of $5,000 at the end of the lease. Using the table, which compares lease and purchase monthly payments, if Keith has no down payment, calculate how much less his monthly lease payments will be than his monthly purchase payments?
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