The price of a new car is$20,000. 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 of6%/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 of48months?Over a period of72months?

48months$72months$

(b) What will the interest charges be if she elects the48-month plan? The72-month plan?

48-month plan$72-month plan$