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TANAPMATH$74\mathrm{.}3\mathrm{.}023.$

The price of a new car is $$24,000.$ 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 $5\frac{\%}{?}$ year compounded monthly. $($Round your answers to the nearest cent.$)$

$($a$)$ What monthly payment will she be required to make if the car is financed over a period of $48$ months? Over a period of $60$ months?

$48,$$$366\mathrm{.}19$

months Which loan payment formula accurately depicts the terms of the auto loan offered in the problem? How might you calculate the periodic payment for such a loan? Click the Read It link to review the concepts you need.

$60$ $ $$ Which loan payment formula accurately depicts the terms of the auto loan offered in the problem? How might you calculate the periodic payment for such a loan? Click the Read months It link to review the concepts you need.

$($b$)$ What will the interest charges be if she elects the $48-$month plan? The $60-$month plan?

$48-$month plan

$60-$month plan

$ $$ Since these loan payments are comprised of interest payments and principal payments, how might you calculate how much in total was spent paying the interest accrued over the life of this loan? Click the Read It link to review the concepts you need.

$ $$ Since these loan payments are comprised of interest payments and principal payments, how might you calculate how much in total was spent paying the interest accrued over the life of this loan? Click the Read It link to review the concepts you need.

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