Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. a)If a person has a credit score of 610, what is their expected interest rate to the nearest percent? b) What is the total

1. a)If a person has a credit score of 610, what is their expected interest rate to the nearest percent?

b) What is the total interest paid to the nearest cent if the car costs $36,915, your down payment is $0, and your credit score is 610 on a 60-month loan with monthly payments?

c) A credit score company advertises it can increase a credit score by 30 points for a fee of $500. How much (to the nearest cent) will you save in interest compared to the scenario from the question above if you pay for the credit score increase?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_step_2

Step: 3

blur-text-image_step3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Finance questions

Question

Explain the purposes and benefits of audit documentation software.

Answered: 1 week ago