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The price of a new car is $36,000. Assume that an individual makes a down payment of 25% toward the purchase of the car and
The price of a new car is $36,000. 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 6%/ 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 48 months? Over a period of 60 months? 48 months \$ 60 months \$ (b) What will the interest charges be if she elects the 48 -month plan? The 60 -month plan? 48-month plan \$ 60-month plan $
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