PREVIOUS ANSWERS ASK YOUR TEACHER PRACTICE ANOTHER 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 5%/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 60 months? Over a period of 72 months? $ 60 months 72 months Which loan payment formula accurately depicts the terms of the auto loan offered in the problem? How might you calculate the periodic payment for such a loan? Click the Read It link to review the concepts you need. $ Which loan payment formula accurately depicts the terms of the auto loan offered in the problem? How might you calculate the periodic payment for such a loan? Click the Read It link to review the concepts you need. (b) What will the interest charges be if she elects the 60-month plan? The 72-month plan? 60-month plan 72-month plan $ $