Question Completion:
Enter the following information into the FICO Score Range Calculator:
Car price = $21,000
Interest: Average rate (new)
Number of months = 60 months.
Answer:
Using the FICO Loan Savings Calculator, the car loan will cost Sam, Jessica, and Danielle each the sum of $27,054.95.
Explanation:
From the car loan calculator:
Monthly Pay: $421.42
Total Loan Amount $21,000.00
Sale Tax $1,470.00
Upfront Payment $1,770.00
Total of 60 Loan Payments $25,284.95
Total Loan Interest $4,284.95
Total Cost (price, interest, tax, fees) $27,054.95
From the FICO Calculator, their Credit Scores range from 660-689, and the average interest rate based on this FICO Score range is 7.562% for a 60-months car loan.
