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 $30,000 and can be financed with a five-year loan at 5.37%....

Extracted text: 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 $30,000 and can be financed with a five-year loan at 5.37%. The used-car option: A three-year old model of the same car costs $13,000 and can be financed with a five-year loan at 5.98%. What is the difference in monthly payments between financing the new car and financing the used car? Use PMT = - nt 1- 1+ The difference in monthly payments between financing the new car and financing the used car is $ (Round to the nearest cent as needed.)