The price of a new car is $20000. Assume that an individual makes a down payment of 25% toward the purchase of the car and secured financing for the balance at the rate of 6% per year compounded...

The price of a new car is $20000. Assume that an individual makes a down payment of 25% toward the purchase of the car and secured financing for the balance at the rate of 6% per year compounded monthly. What monthly payment will be required for the individual to make if the car is financed over a period of 36 months? What will the interest charges be if the individual elects the 36-month plan?