You are purchasing a car for $13,420.00 plus 6.13% sales tax. You make a $2,100.00 down payment and have a good credit score. How much interest is due at the end of the first month?

Question

anonymous · Answer

Can anyone help me ??

dumbcow · Answer

it depends on the interest rate the bank gives you
in general :
$$I = (\frac{r}{12})*B$$
where r is annual int rate and B is balance of loan

dumbcow · Answer

the balance of loan will be
$$B = (13,420*1.0613) - 2,100$$

anonymous · Answer

so the answer is 13,420*1.0613-2,100

dumbcow · Answer

no that will be the balance of the loan that you owe...

anonymous · Answer

so whats the answer