The price of a new car is $24,000. 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 10%/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 24 mo? Over a period of 48 mo?

24 mo $

48 mo $

(b) What will the interest charges be if she elects the 24-mo plan? The 48-mo plan?

24 mo $

48 mo $