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NeTakaya
2 years ago
7

You are in need of a $7,500 loan, which you plan to repay over 5 years. Your credit score is currently 690. Using the rates and

the online calculator below, determine how much your savings would be if your credit score were 700 instead of 690.

Mathematics
1 answer:
kherson [118]2 years ago
3 0

Answer:

$232.57

Step-by-step explanation:

1 year = 12 months

⇒ 5 years = 5 x 12 = 60 months

APR credit score of 700 or higher = 13.25%

(using the APR calculator) total payment over term of loan = $10,296.56

APR credit score of 699 or lower = 14.25%

(using the APR calculator) total payment over term of loan = $10,529.13

Savings = $10,529.13 - $10,296.56 = 232.57

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