document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1192974>Question 1192974</A>: <I><SPAN STYLE=\"word-break: break-all;\"> The price of a new car is $16,000. 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 8%/year compounded monthly. (Round your answers to the nearest cent.)<BR>\n" );
document.write( "(a) What monthly payment will she be required to make if the car is financed over a period of 24 months? Over a period of 60 months?<BR>\n" );
document.write( "24 months    	$ <BR>\n" );
document.write( "60 months    	$ \r<BR>\n" );
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document.write( "(b) What will the interest charges be if she elects the 24-month plan? The 60-month plan?<BR>\n" );
document.write( "24-month plan    	$ <BR>\n" );
document.write( "60-month plan    	$ <BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #824950 by </B><A HREF=/tutors/aboutme.mpl?userid=Theo><B>Theo(13342)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Theo><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=Theo><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=824950\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> 25% of 16000 = 4000.<BR>\n" );
document.write( "amount to be financed is 12000.<BR>\n" );
document.write( "at 8% compounded monthly:<BR>\n" );
document.write( "24 month loan payment is equal to 542.73 payable at the end of each month.<BR>\n" );
document.write( "60 month loan payment is equal to 243.32 payable at the end of each month.<BR>\n" );
document.write( "the interest charges on the 24 month loan are 24 * 542.73 minus 12000 = 1025.52.<BR>\n" );
document.write( "the interest charges on the 60 month loan are 60 * 243.32 minus 12000 = 2599.2.<BR>\n" );
document.write( "here's an online calculator that you can use to get these results.<BR>\n" );
document.write( "<a  rel=nofollow HREF= \"https://arachnoid.com/finance/index.html\" target=\"_blank\">https://arachnoid.com/finance/index.html</a><BR>\n" );
document.write( "here are the results from using this calculator.<BR>\n" );
document.write( "inputs are everything except pmt.<BR>\n" );
document.write( "output is pmt.\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2022/040701.jpg\" >\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2022/040702.jpg\" >\r<BR>\n" );
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document.write( " </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );