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