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

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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 $31,000 and can be financed with a three-year loan at 5.61%. The used-car option: A three-year old model of the same car costs $13,000 and can be financed with a four-year loan at 5.26%. PA What is the difference in monthly payments between financing the new car and financing the used car? Use PMT= The difference in monthly payments between financing the new car and financing the used car is $583.35 (Round to the nearest cent as needed.) 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 $31,000 and can be financed with a three-year loan at 5.61%. The used-car option: A three-year old model of the same car costs $13,000 and can be financed with a four-year loan at 5.26%. PA What is the difference in monthly payments between financing the new car and financing the used car? Use PMT= The difference in monthly payments between financing the new car and financing the used car is $583.35 (Round to the nearest cent as needed.)