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