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Suppose that you are thinking about buying a car and have narrowed down your choices to two options. The new - car option: The new

Suppose that you are thinking about buying a car and have narrowed down your choices to two options.
The new-car option: The new car costs $27,000 and can be financed with a five-year loan at 6.01%.
The used-car option: A three-year old model of the same car costs $17,000 and can be financed with a four-year loan at 6.25%.
What is the difference in monthly payments between financing the new car and financing
The difference in monthly payments between financing the new car and financing the used car is $
(Round to the nearest cent as needed.)
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