The Price of a New Car Is $20,000

Short Answer

The price of a new car is $20,000. Assume an individual makes a down payment of 25% toward the purchase of the car and secures financing for the balance at the rate of 8%/year compounded monthly.
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What monthly payment will she be required to make if the car is financed over a period of 36 months? Round your answer to the nearest cent.
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R = $__________
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What monthly payment will she be required to make if the car is financed over a period of 54 months? Round your answer to the nearest cent.
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R = $__________
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What will the interest charges be if she elects the 36-month plan? Round your answer to the nearest cent.
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interest charges = $__________
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What will the interest charges be if she elects the 54-month plan? Round your answer to the nearest cent.
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interest charges = $__________