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The price of a new car is $36,000. Assume that an individual makes a down payment...

The price of a new car is $36,000. Assume that an individual makes a down payment of 25% toward the purchase of the car and secures financing for the balance at the rate of 8%/year compounded monthly. (Round your answers to the nearest cent.) (a) What monthly payment will she be required to make if the car is financed over a period of 24 mo? Over a period of 48 mo? (b) What will the interest charges be if she elects the 24-mo plan? The 48-mo plan?

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