The price of a new car is $16,000. Assume 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. What monthly payment will she be required to make if the car is financed over a period of 36 months? What will the interest charges be if she elects the 36-month plan? Round your answers to the nearest cent. R $399.57; interest charges $1,537.44 R $376.04; interest charges $1,537.44 R $376.04; interest charges $1,501.60 R $399.57; interest charges $1,501.60