Question

you are purchasing a car for 12,465 plus 5.65% sales tax you make a 1,300 down payment you have a fair credit score how much interest is due at the end of the first month?

Answer 1

The price of the car is 12 465 dollars + 5.65% sales tax
=> 5.65 = 0.0565
=> 12 465 * 0.0565 = 702.27 dollars is the added amount to the price
=> 12 465 + 702.27 = 13 169.27 dollars is the new price
you paid 1300
=> 13 169.27 - 1300 = 11 869.27 dollars is your due