The price of a new car is $32,000. 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 24 months? Over a period of 36 months?

24 months	?
36 months	?

(b) What will the interest charges be if she elects the 24-month plan? The 36-month plan?

24-month plan	?
36-month plan	?