Question

Hello, I'm new! I need help

Answer 1

The interest in the first month is given as $ 97.1. The principal balance in the second question is $15,030.02

How to solve for the interest in the first month

1. We have to solve for the cost of the car

This would be = 19,725*(1.0475)

= 20,661.9375

There is a Down payment = 2,175

balance would be 20661.9375-2,175 = 18,486.94

average rating interest of new car = 6.30%

So the interest accrued in first month = 18,486.94x0.063/12 = $ 97.1

2. cost = 15867

sales tax = 5.25%

10 percent down payment

5.25/100 = 0.0525

cost of car = 15867 + (15867 * 0.0525)

= 16700 dollars

10% of 16700 dollars

= 1670 dollars

principal balance = 16700 - 1670

= $15,030.02

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