Suppose that you are thinking about buying a car and have narrowed down your choices to two options.

Thenew-car option: The new car costs 32,000 and can be financed with a three 5.37%.

Theused-car option: Athree-year old model of the same car costs $14,000 and can be financed with a five-year loan at 6.03%.

What is the difference in monthly payments between financing the new car and financing the usedcar?

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

.

(Round to the nearest cent asneeded.)