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 comma 00028,000 and can be financed with a fourfour​-year loan at 5.435.43​%. The​ used-car option: A​ three-year old model of the same car costs ​$17 comma 00017,000 and can be financed with a threethree​-year loan at 7.827.82​%. What is the difference in monthly payments between financing the new car and financing the used​ car?

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