-
To find the interest in Example 4, note that the loan is for $30,000.
6% for 72 months
8% for 72 months
-
Did you know that credit scores first began to be frequently used in the 1980s? Before credit scores became popular, banks had to rely on human judgment to decide whether or not to loan money to people.
Youre allowed to view your credit report for free one time per year. If you would like to view your credit report more than once in the same year you will have to pay. One example of a company that allows you to pay to view your credit score is freecreditscore.com.
-
If the annual percentage rate is 5%, then your monthly payment is
If the annual percentage rate is 8%, then your monthly payment is
The amount you can save on the 5 year loan by having a credit score of 760 or above is
-
Comments (1)
These comments are not screened before publication. Constructive debate about the information on this page is welcome, but personal attacks are not. Please do not post comments that are commercial in nature or that violate copyright. Comments that we regard as obscene, defamatory, or intended to incite violence will be removed. If you find a comment offensive, you may flag it.
When posting a comment, you agree to our Terms of Use.Showing 1 commentsSubscribe by email Subscribe by RSS
Ron Larson (author)1 decade ago |When I was younger and had a greater need to borrow. I was always amazed that the people who actually need a loan are the same people who banks are the most resistant to loan money to. Once when I was applying for a loan, I remember the bank officer asking me if I had a savings account. I was thinking "If I had a savings account, why would I be asking for a loan?"4 0