Question number 1 -

Note: Enter your answer and show all the steps that you use to solve this problem in the space provided. 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? New Car APR Credit Used Car APR (%) (%) Excellent 5.40 5.65 Good 5.95 6.35 Average 6.30 6.90 Fair 7.55 7.60 Poor 9.80 10.0 (2 points)