The price of a new car is $40,000. 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 14%/year compounded monthly. (Round your answers to the
nearest cent.)
A) what monthly payment will she be required to make if the car is finance over a period of 36 months and over a period of 60 months.
B) what will the interest charges be if she elects the 36 month plan and 60 months plan