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  3. the price of a new car is $16,000. assume that an

The price of a new car is $16,000. Assume that an individual makes a down payment...

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Advance Math

The price of a new car is $16,000. Assume that an individualmakes a down payment of 25% toward the purchase of the car andsecures financing for the balance at the rate of 7%/year compoundedmonthly. (Round your answers to the nearest cent.)

(a) What monthly payment will she be required to make if the caris financed over a period of 36 months? Over a period of 72months?

36 months    $
72 months    $


(b) What will the interest charges be if she elects the 36-monthplan? The 72-month plan?

36-month plan    $
72-month plan    $

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