You want to buy a car that costs $25,000. You will take a 48-month loan. You have $2,000 saved for a down payment. The dealer is also offering a $6,000 rebate as an incentive. You do not have a car to trade in. You also qualify for a first-time buyer incentive of $500. Your interest rate on the loan will be 6.5%. You will have to pay 7.5% sales tax on the car when you purchase it, and it will cost you $25 per year to license the car. You will pay property tax of $480 on the car each year.

Your monthly insurance premium on the car is $56 per month?