Say that you (or your parents) are purchasing a used car for $19,850. The sales tax is 7.5%, the down payment is $1,000.00, and you have an average credit rating. If your first payment is $425.98, how much of the payment goes toward the principal?
Secured Unsecured
Credit APR (%) APR (%)
Excellent 4.75 5.50
Good 5.00 5.90
Average 5.85 6.75
Fair 6.40 7.25
Poor 7.50 8.40
$384.48
$361.09
$344.18
$326.83