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6.2 Buying Now, Paying Later

6.2 Buying Now, Paying Later
  • Math Help

    To find the interest in Example 4, note that the loan is for $30,000.

    6% for 72 months

    8% for 72 months

  • Consumer Suggestion

    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

  • Checkpoint Solution

    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

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    system user
    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?"