The price of a new car is $16,000. 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 11%/year compounded monthly.
What monthly payment will she be required to make if the car is financed over a period of 24 months? What will the interest charges be if she elects the 24-month plan? Round your answers to the nearest cent.
a. R = $582.82; interest charges = $1,458.80
b. R = $559.29; interest charges = $1,422.96
c. R = $559.29; interest charges = $1,458.80
d. R = $582.82; interest charges = $1,422.96
b. R = $559.29; interest charges = $1,422.96
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