Please provide an explanation as well, thank you. If correct I'll be sure to give a thumbs up!

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 $