The price of a new car is $24,000. 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 6%/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 months?
48 months?
(b) What will the interest charges be if she elects the following plans:
24-month plan?
48-month plan?