Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

the the loowing intonation for The table below shows data from a 30-yr fixed mortgage for a $300,000 loan principal amount FICO Score APE

image text in transcribedimage text in transcribed

the the loowing intonation for The table below shows data from a 30-yr fixed mortgage for a $300,000 loan principal amount FICO Score APE Monthly Payment Total Interest Pold 760-850 4068% $1,444 $219.851 700-759 4.2 $1.483 $233,700 680-699 4.463% $1.513 $244.848 660-679 4.674% $1.551 $258.442 640-659 5.099% $1.629 $286.319 620-639 5.638% $1.729 $322.596 12. If your FICO score is 741, what is your monthly payment? 12 13. if your FICO score is 627, what is your total interest paid? 14. How much EXTRA total interest do you pay if you have a RCO score of 656 versus a score of 7892 13. 14 Use the Schumer low on the next page for #15-18 15. You make $972 in purchases in the Mth month after opening this credit card. What is your amount of interest if not paid in full by the due date 16. You have an average daily balance of $2400 in September, which is after your introductory period. Your very low credit score puts you at the highest purchase APR 160 a. What is your purchase APR b. How many days are in the billing cycle for the month of September 16b c. What will be the amount of interest if you don't pay off this balance in full by the due date 16c 17a. If you fail to make the minimum payment by the due date, what is your penalty APR 170 b. What would be the amount of interest with the penalty APR for a 31-day billing cycle? 17b 18. If you translar 425 from another credit card to this account, how much will the transfer fee cost?

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_2

Step: 3

blur-text-image_3

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

Intermediate Accounting

Authors: Earl K. Stice, James D. Stice

19th edition

1133957919, 978-1285632988, 1285632982, 978-0357691229, 978-1133957911

More Books

Students also viewed these Accounting questions

Question

What is the formula for the cross-price elasticity of demand?

Answered: 1 week ago

Question

What courses do your students assist with teaching this semester?

Answered: 1 week ago

Question

Explain how the net premium for an annuity is computed

Answered: 1 week ago