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 five$-$year loan at $787\%$

The used$-$car option: A three$-$year old model of the same car costs $$16,000$ and can be financed with a fiveyear loan at $605\%.$

What is the difference in monthly payments between financing the new car and financing the used car? Use PMT $=\frac{P(\frac{t}{n})}{[1-(1+\frac{t}{n}{)}^{-nt}]}$

The difference in monthly payments between financing the new car and financing the used car is $

$($Round to the nearest cent as needed.$)$