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Part $1$

Suppose that you are thinking about buying a car and have narrowed down your choices to two options.

The$$ new$-$car option: The new car costs $$$$27$ comma $000$ and can be financed with a five$-$year loan at $6\mathrm{.}25\%.$

The$$ used$-$car option: A$$ three$-$year old model of the same car costs $$$$14$ comma $000$ and can be financed with a four$-$year loan at $5\mathrm{.}87\%.$

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