The price of a new car is $16,000. 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 7%/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 48 months? Over a period of 60 months? 88 months $ 60 months $ (b) What will the interest charges be if she elects the 18-month plan? The 60-month plan? 48-month plan $ 60-month plan $