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.
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?
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