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Find the periodic payment R required to amortize a loan of P dollars over t years with interest charged at the rate of r%/year compounded m times a year. (Round your answer to the nearest cent.) P = 40,000, r = 2, t = 18, m = 12 $ The price of a new car is $28,000. 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 months? Over a period of 36 months? 24 months $ 36 months $ (b) What will the interest charges be if she elects the 24 month plan? The 36-month plan? 24-month plan $ 36-month plan $