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 of 8%/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 36 months? Over a period of 60 months?

(b) What will the interest charges be if she elects the 36-month plan? The 60-month plan?