What will the interest charges be if she elects the plans

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Reference no: EM131081469

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 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:

24 months?

48 months?

(b) What will the interest charges be if she elects the following plans:

24-month plan?

48-month plan?

Reference no: EM131081469

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