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What is difference in monthly payments between financing

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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 ?$28,000 and can be financed with a five-year amortized loan at 5.17?%. The? used-car option: A? three-year old model of the same car costs ?$13,000 and can be financed with a three?-year amortized loan at 5.22?%. What is the difference in monthly payments between financing the new car and financing the used? car? Round to the nearest cent.

Reference no: EM131016271

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