6. Write a formula in cell FICO Scores'!J3, which can be copied down, to determine the consumer's interest rate that can be used to obtain a new auto loan, based on their FICO credit worthiness. If the consumer has excellent credit, their interest rate will be 5.07%, Good credit will receive an interest rate of 6.02%, etc. (The interest rate criteria is based on the New Auto Interest Rate table located in the Credit Ranges worksheet.) 7. Write a formula in cell FICO Scores'!G16 to determine (T/F) if all consumers can get approved for a mortgage loan. 8. Write a formula in cell FICO Scores'!G17 to determine (T/F) if 5 or more consumers have Excellent or Good credit. fx A B D Credit Rating Range Low High Rating 781 850 EXCELLENT 661 780 GOOD 601 660 FAIR 500 600 POOR 300 VERY POOR E F New Auto Interest Rate Rating Interest VERY POOR N/A POOR 16.46% FAIR 11.40% GOOD 6.02% EXCELLENT 5.07% 499 5 1 2 3 5 5 7 B 3 0 1 2 3 FICO Scores Credit Rarges Ready c2 - = E Merge & 3 x fc Trans Union D 1 E F FICO Scores H CELTE or Good Credit Rating? FALSE Average FICO Score 652 705 568 Auto Interest Rate 655 Mortgage Approval TRUE TRUE TRUE TRUE TRUE 60 a 60WN Credit Worthiness FAIR GOOD POOR VERY POOR GOOD POOR EXCELLENT GOOD GOOD VERY POOR POOR EXCELLENT POOR TRUE 473 734 553 800 712 753 301 490 Credit Card Interest Rate 24.99% 24.99% N/A 24.99% 24.99% N/A 24.99 N/A N/A N/A 24.99% 24.99% 24.99% 24.99% 700 TRUE FALSE FALSE TRUE FALSE TRUE TRUE TRUE FALSE FALSE TRUE FALSE TRUE TRUE TRUE FALSE TRUE TRUE TRUE 581 523 TRUE Trans Union Experian 2 Fico Score Fico Score 3 638 4 702 715 5 555 570 6 500 440 725 763 8 590 550 9 800 825 10 725 11 755 740 12 302 300 13 420 500 14 500 850 15520 500 16 Mortgage Loan (T/F) 17 good credit. (T/F) 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 FICO Scores Credit Ranges + Ready