he price of a new car is $20,000. 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 60 months? 36 months     $  60 months     $  (b) What will the interest charges be if she elects the 36-month plan? The 60-month plan? 36-month plan     $  60-month plan     $

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