Amortization Formula Credit Score Interest Chart Credit Score Average APR (New car) Average APR (Used car) Superprime:
Fantastic news! We've Found the answer you've been seeking!
Question:
Amortization Formula
Credit Score Interest Chart
Credit Score | Average APR (New car) | Average APR (Used car) |
---|---|---|
Superprime: 781-850 | 2.40% | 3.71% |
Prime: 661-780 | 3.56% | 5.58% |
Nonprime: 601-660 | 6.70% | 10.48% |
Subprime: 501-600 | 10.87% | 17.29% |
Deep subprime: 300-500 | 14.76% | 20.99% |
- Calculate the monthly payment and total cost of a car purchase (of your choosing) with the following information:
- Principal (cost of car): $20,000
- Loan term: 5 years (60 months)
- What is your interest rate?
- What is your monthly payment?
- What is the total cost of the car?
- Research a new or used car you might want to purchase. Calculate the monthly payment and total cost of YOUR car purchase. Answer all of the questions to help you get to the final answers.
- What is the principal amount of the car?
- What is the annual interest rate you qualify for based on your credit score?
- Loan term: 5 years (60 months)
- Using a loan term of 5 years (60 months)
- What is your monthly payment?
- What is the total cost of the car?
Related Book For
Statistics For Business Decision Making And Analysis
ISBN: 9780321890269
2nd Edition
Authors: Robert Stine, Dean Foster
Posted Date: