You are purchasing a car for $12,465.000 plus 5.65% sales tax.You make a 1,500.00 down payment, and have a 6.40%credit score. how much interest is due at the end of the first month?

Answer 1

First, we need to calculate the total cost of the car including the sales tax.

Total cost of the car = $12,465.00 + ($12,465.00 * 5.65%) = $12,465.00 + $704.82 = $13,169.82

Next, we need to subtract the down payment from the total cost to determine the loan amount.

Loan amount = $13,169.82 - $1,500.00 = $11,669.82

Next, we need to calculate the interest due at the end of the first month.

Interest due = $11,669.82 * (6.40% / 12) = $11,669.82 * 0.00533 = $62.14

Therefore, the interest due at the end of the first month is $62.14.