### 6.2 Buying Now, Paying Later

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• 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 freecreditscore.com.

• 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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