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 interest accrued by the end of the first month?
Credit
Used Car APR
New 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