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 10%/year compounded monthly. (Round your answers to the nearest cent.) What monthly payment will she be required to make if the car is financed over a period of 36 mo? Over a period of 60 mo?
What will the interest charges be if she elects the 36-mo plan? The 60-mo plan?
2 answers