Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i need these question to be answered individually Financial Planning - Life 101 Loan Terms- Term Effect of Credit Rating on Loan Length of time

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

i need these question to be answered individually

Financial Planning - Life 101 Loan Terms- Term Effect of Credit Rating on Loan Length of time for a normal complete pay-off of the loan (principal and interest) Match the term to the useful lifetime of the asset purchased Princ $150,000 Term 30 yr FICO Score 720+ 675-699 620-674 Interest Rate 5.55 6.21 7.36 Type Mortgage PMT/month $856 $920 $1,034 Matching Term and Type of Loan of Debt Term of Loan Credit Card Auto Purchase Dental Practice Dental Building Home Mortgage Education Loans 5 year max 5-7 years 20 years 30 30 years Source: Consumers Report Difference over the life of the loan - $138,000 24 Tax Deductible Interest Debt Consumer o Home Mortgage o Mortgage on o Home Equity Loan / Line of Credit o Student Loan Interest (up to $2500 annually) 2nd Home (eg: Vacation Business o Business Debt Interest (Including Rental Propertyl o Certain Investment Interest Financial Planning - Life 101 Loan Terms- Term Effect of Credit Rating on Loan Length of time for a normal complete pay-off of the loan (principal and interest) Match the term to the useful lifetime of the asset purchased Princ $150,000 Term 30 yr FICO Score 720+ 675-699 620-674 Interest Rate 5.55 6.21 7.36 Type Mortgage PMT/month $856 $920 $1,034 Matching Term and Type of Loan of Debt Term of Loan Credit Card Auto Purchase Dental Practice Dental Building Home Mortgage Education Loans 5 year max 5-7 years 20 years 30 30 years Source: Consumers Report Difference over the life of the loan - $138,000 24 Tax Deductible Interest Debt Consumer o Home Mortgage o Mortgage on o Home Equity Loan / Line of Credit o Student Loan Interest (up to $2500 annually) 2nd Home (eg: Vacation Business o Business Debt Interest (Including Rental Propertyl o Certain Investment Interest

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: 3

blur-text-image

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 Accounting questions

Question

Find the derivative of the function. (t) = 4t sin(nt)

Answered: 1 week ago