Suppose that under the Plan of Repayment one should pay off the debt in a number of equal end-of-month installments (principal and interest). This is the customary way to pay off loans on automobiles, house mortgages, etc. A friend of yours has financed $23 comma 000 on the purchase of a new automobile, and the annual interest rate is 24% (2% per month). a. Monthly payments over a 48-month loan period will be how much? b. How much interest and principal will be paid within three month of this loan? Click the icon to view the interest and annuity table for discrete compounding when iequals2% per month. a. The monthly payment over a 48-month loan period is $ nothing. (Round to the nearest cent.)