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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

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 $30,000 and can be financed with a three-year loan at 7.91%.
The used-car option: A three-year old model of the same car costs $18,000 and can be financed with a three-year loan at 6.56%.
What is the difference in monthly payments between financing the new car and financing the used car? Use PMT=P(rn)[1-(1+rn)-nt].
The difference in monthly payments between financing the new car and financing the used car is $ .
(Round to the nearest cent as needed.)
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