Barry Wood wants to buy a used car that costs$4000. He has two possible loans in mind. One loan is through the car dealer; it is a three-year add-on interest loan at8%and requires a down payment of $300. The second is through his credit union; it is a three-year simple interest amortized loan at7.5%and requires a 10% down payment.

(a) Find the monthly payment for each loan. (Give your answer to the nearest cent.)Dealer$Credit Union$

(b) Find the total interest paid for each loan. (Give your answer to the nearest cent.)Dealer$Credit Union$