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 $30,000 and can be financed with a four-year loan at 6.62%. The used-car option: A three-year old model of the same car costs $17,000 and can be financed with a three-year loan at 5.88%. What is the difference in monthly payments between financing the new car and financing the used car? Use PMT =[1(1+nr)nt]P(nr). The difference in monthly payments between financing the new car and financing the used car is $ (Round to the nearest cent as needed.)