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 $$31,000$ and can be financed with a five$-$year loan at $7\mathrm{.}31\%.$

The used$-$car option: A three$-$year old model of the same car costs $$17,000$ and can be financed with a five$-$year loan at $7\mathrm{.}21\%.$

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

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

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