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Yup - your calculations are correct.
The tax applies only when you purchase the car, not on the loan payments. Your interest rate is pretty high too for a car loan. If you have good credit, you can get a five year loan near 5%. Your purchase price seems really high - are you using MSRP & fully loaded?
If you can't handle the $760/month, then you either need to:
1) Get more $$ for down payment (not a good idea)
2) Lower your purchase price through negotiations or don't get so many options
3) Lease it
4) Don't get it.
Keep in mind that you are buying something that will immediately lose about 15%-20% of it's value. Thus, from day one your large downpayment is essentially gone forever. Might not be a big deal if you plan to keep the car for a very long time.
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