ABC Engineering Co. Ltd. has decided to purchase a new equipment to replace the old one. The purchase price of the new equipment is $ 353,000. After the trade-in of its old equipment (worth $10,000). The remaining balance can be financed by the supplier at 12% APR and payments over 48 months. Compounding of interest is monthly. Alternatively, a further $ 33,000 discount is offered in addition to the trade-in of its old equipment if the remaining balance is financed at an APR of 15% over 48 months.

1. Based on the monthly payment, which financing option should ABC Engineering Co. Ltd. select?

2. What is the difference in the total interest paid between these two financing options?