$24,00 loan, 6 year loan at rate of 8.6% or 5 year loan at rate if 8.4% annually. What are the monthly payments and which is the better deal?

Omar is taking out an amortized loan for $24,000 to buy a new car and is deciding between the offers from two lenders. He wants to know which one would be the better deal over the life of the car loan, and by how much. Answer each part. Do not round intermediate computations, and round your answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) A savings and loan association has offered him a 6-year car loan at an annual interest rate of 8.6%. Find the monthly payment. $ (b) A bank has offered him a 5-year car loan at an annual interest rate of 8.4%. Find the monthly payment. $