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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
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 14%/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 36 mo? 24 mo $ 1152.31 36 mo $ x (b) What will the interest charges be if she elects the 24-mo plan? The 36-mo plan? 24 mo $ 3655.42 36 mo $
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