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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 costs

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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 costs $28,000 and can be financed with a four-year loan at 5.95% The used-car option: A three year old model of the same car costs $14,000 and can be financed with a five-year loan at 5.45% What is the difference in monthly payments between financing the new car and financing the used car? Use PMT= -nt 1- The difference in monthly payments between financing the new car and financing the used car is s) (Round to the nearest cont as needed) an

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