Harper is considering the purchase of a

$10,702

used car and is trying to decide between a

48-month

and a

60-month

car loan. If the loan is for

$10,702

at

6

percent, what is the difference in the monthly payments?

Note: Round intermediate computations to at least five (5) decimal places.

Click on the table icon to view the Monthly Installment Loan Payment Factor (MILPF) table:

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Question content area bottom

Part 1

The monthly payment for the

48-month

car loan is

$enter your response here.

(Round to the nearest cent.)

Click on the following icon in order to copy its contents into a spreadsheet.)