A person's credit score is important in determining the interest rate on a home mortgage. According to
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A person's credit score is important in determining the interest rate on a home mortgage. According to Consumer Credit Counseling Service, a homeowner with a $100,000 mortgage and a 520 credit score will pay $110,325 more in interest charges over the life of a 30-year loan than a homeowner with the same mortgage and a credit score of 720.
How much higher would the interest rate per year have to be in order to account for this much difference in interest charges, if the $100,000 loan is repaid in a single lump-sum payment at the end of 30 years?
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Explanation Let interest rate for 520 credit score be x Let interest rate for 720 cred...View the full answer
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