Barry Wood wants to buy a used car that costs $7000. He has two possible loans in mind. One loan is through the car dealer; it is a three-year add-on interest loan at 7% and requires a down payment of $300. The second is through his credit union; it is a three-year simple interest amortized loan at 9.5% and requires a 10% down payment.

(a) Find the monthly payment for each loan. (Give your answer to the nearest cent.)

Dealer $

Credit Union $

(b) Find the total interest paid for each loan. (Give your answer to the nearest cent.)

Dealer $

Credit Union $