Question: You are purchasing a car for $ 1 2 , 4 6 5 . 0 0 plus 5 . 6 5 % sales tax. You

You are purchasing a car for $12,465.00 plus 5.65% sales tax. You make a $1,300.00 down payment and have a fair credit score (interest rate 6.40%). How much interest is due at the end of the first month? If you improved your credit score to good (interest rate of 5%) and paid $1,500 on your purchase, how much interest could you save in the first month?

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