Question

You are purchasing a car for $12,465.00 plus 5.65% sales tax. You make a $1,300.00 down payment and have a fair credit score. How much interest is due at the end of the first month?

Answer 1

12,465+(12,465×0.0565)
=13,169.2725

13,169.2725−1,300
=11,869.2725

11,869.2725÷12
=989.1060416667

989.1060416667×0.064
=63.30......answer