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 $25,000 and can be financed with a 3 year loan at 5.28%. The used car option: A 3 year old model of the same car costs $18,000 and can be financed with a 3 year loan at 6.38%. What is the difference in monthly payments between financing the new car and financing the used car? Use the PMT formula