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 $28,000 and can be financed with a three-year loan at 6.31%. The used-car option: A three-year old model of the same car costs $16,000 and can be financed with a three-year loan at 5.48%. P What is the difference in monthly payments between financing the new car and financing the used car? Use PMT = - nt 1- 1 +