Need help with this accounting worksheet.

2:48 d . ON all 77% 2020-21 ACCT FUND S1 Brown Impact of Credit Score on ... NGPF Next Gen Personal Finance Impact of Credit Score on Loans For this activity, you'll need the credit scores you calculated previously in the activity CALCULATE: FICO Credit Scores. If you've already completed that activity, copy over the credit scores in the chart below; if not, you'll need to do that activity now. Use the highest number from their estimated range. Note that Danielle had no credit history, but since that time she's opened one credit card and made her payments on time. Her current score is 685. NAME SAM JESSICA DANIELLE Estimated Score MINI COOPER Now, assume that each of the three students has graduated from college, maintained their credit score, secured a $50,000/year job, and now wants to go car shopping. Use the FICO Loan Savings Calculator to letermine how much the loan is going to cost Sam, Jessica, and Danielle. Note: This calculator goes down every year in late September-early October. If you are doing this activity during that timeframe, use this Car loan calculator to complete the activity instead! Enter the following information into the calculator: A. Car price: $21,000 8. Interest Rate: refer to average rate (new) at the top right of calculator C. Trade-in / down payment: leave blank D. Number of months: 60 E. Push Calculate 2. Complete the chart below using data from the calculator. NAME SAM JESSICA DANIELLE Estimated Score APR (~interest rate Monthly Payment Total Interest Paid Jessica? 3. What is the difference in APR paid by Sam and 4. How does that APR difference impact their monthly payments and total interest? 5. Hypothesize: What if they were buying a car with a $42,000 principal instead? Now, let's see how Sam's, Jessica's, and Danielle's credit scores would impact a mortgage. This time they're each trying to finance $250,000 of a condo using a 30-year fixed mortgage. Use the FICO Loan Savings Calculator and enter the following information: Note: This calculator goes down every year in late September-early October. If you are doing this activity during that timeframe, use this article and find the section titled "How Credit Scores Affect Mortgage Rates" to complete the chart below. Use $200,000 as the loan amount. A. Type of Loan: 30-year Fixed B. State: National C. Loan Principal Amount: $250,000 D. Current FICO Score Range: Varies by person E. Push Calculate NAME SAM JESSICA Danielle Estimated Score APR (~interest rate) Monthly Payment Total Interest Paid 7. If someone asked you, "Why should I bother say? worrying about my credit score?" what would you www.ngpf.org Last updated: 10/21/19