Dennis Lamenti wants to buy a new car that costs $$15,588\mathrm{.}55.$ He has two possible loans in mind. One loan is through the car dealer; it is a four$-$year add$-$on interest loan at

$7$

$3$

$4$

$\%$

and requires a down payment of $$1,000.$ The second is through his bank; it is a four$-$year simple interest amortized loan at

$7$

$3$

$4$

$\%$

and requires a down payment of $$1,000.($Round your answers to the nearest cent.$)$

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

dealer $

$398\mathrm{.}14$

Incorrect: Your answer is incorrect.

bank $

$353\mathrm{.}60$

Incorrect: Your answer is incorrect.

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

dealer $

$4522\mathrm{.}4505$

Correct: Your answer is correct.

bank $

$2384\mathrm{.}25$

Incorrect: Your answer is incorrect.