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 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 36 months? Over a period of 48 months?

36 months	$
48 months	$

(b) What will the interest charges be if she elects the 36-month plan? The 48-month plan?

36-month plan	$
48-month plan	$