Barry Wood wants to buy a used car that costs $$5,000.$ He has two possible loans in mind. One loan is through the car dealer; it is a three$-$year add$-$on interest loan at $5\%$ and requires a down payment of $$300.$ The second is through his credit union; it is a three$-$year simple interest amortized loan at $8\mathrm{.}5\%$ and requires a $10\%$ down payment. $($Round your answers to the nearest cent.$)$

$($a$)$ Find the monthly payment for each loan.

dealer $

credit union $

$($b$)$ Find the total interest paid for each loan.

dealer $

credit union $

$($c$)$ Which loan should Barry choose? Why?

He should choose the car dealer add$-$on interest loan because he pays less interest.

He should choose the credit union simple interest loan because he pays less interest.