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 5.00%credit score. how much interest is due at the end of the first month?
First, calculate the total cost of the car including sales tax:
$12,465.00 + ($12,465.00 * 5.65%) = $12,465.00 + $703.72 = $13,168.72
Next, calculate the loan amount:
$13,168.72 - $1,500.00 = $11,668.72
Calculate the interest due at the end of the first month:
$11,668.72 * (5.00% / 12) = $11,668.72 * 0.00416667 = $48.61
Therefore, the interest due at the end of the first month is $48.61.