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?
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.