Can someone please tell me if I'm working this problem correctly? ( There is a chart, I'll draw it and attach it in the comments.) Then I'll show how I worked it and the answer that I got... 8. You (or your parents) purchase a new car for $19,725.00 plus 4.75% sales tax. The down payment is $2,175.00 and you (or your parents) have an average credit rating. How much interest is accrued after the first month?
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The way I did it was like this: $19,725.00*5.85%*1/12=96.15 $19,725.00+4.75%+96.15-2,175.00=$17,646.20 But other people keep getting 90.12 and this is how they are doing the work $19,725.00*1.0475=$20,662 $20,662-$2,175.00=$18,487 5.85%/12=0.4875% $18,487*0.004875=90.12 which is correct mine or theirs??? and please explain