Question: Note: Enter your answer and show all the steps that you use to solve this problem in the space provided. You (or your parents)

Note: Enter your answer and show all the steps that you use to solve this problem in the space provided. You (or your parents) purchase a new car for $19,725.00 plus 4.75% sales tax. The down payment is $2,175.00 and you (or your parents) have an average credit rating. How much interest is accrued after the first month? New Car APR Credit Used Car APR (%) (%) Excellent 5.40 5.65 Good 5.95 6.35 Average 6.30 6.90 Fair 7.55 7.60 Poor 9.80 10.0 Note: Enter your answer and show all the steps that you use to solve this problem in the space provided You (or your parents) purchase a used car for $15,867.00 plus 5.25% sales tax. The down payment is 10% of the total cost and you (or your parents) have an excellent credit rating. What is your principal balance at the start of the loan? (2 points) BI V Note: Enter your answer and show all the steps that you use to solve this problem in the space provided. You (or your parents) are debating about whether to buy a new car for $19.072.00 or a used car for $15,635.00. Sales tax is 4.5%. You (or your parents) plan to make a down payment of $1,200.00 and your credit rating is fair. What is the difference in interest accrued by the end of the first month? Credit New Car APR (%) Used Car APR (%) Excellent 5.4 5.65 Good 5.95 6.35 Average 6.30 6.90 Fair 7.55 7.60 Poor 9.80 10.0

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