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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

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 $28,000 and can be
financed with a five-year loan at 6.47%.Theused-car option: Athree-year old model of the
same car costs $18,000 and can be financed with a three-year loan
at 6.59%The difference in monthly payments between financing the new car
and financing the used car is ?

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