2. Complete the chart below using data from the calculator. NAME SAM JESSICA DANIELLE Estimated Score APR (~interest rate) Monthly Payment Total Interest Paid Total Amount Paid 3. What is the difference in APR paid by Sam and Jessica? 4. How does that APR difference impact their monthly payments and total interest? 5. Hypothesize: What if they were buying a car with a $42,000 principal instead? Now, let's see how Sam's, Jessica's, and Danielle's credit scores would impact a mortgage. This time they're each trying to finance $250,000 of a condo using a 30-year fixed mortgage. Use the FICO Loan Savings Calculator and enter the following information: Note: This calculator goes down every year in late September-early October. If you are doing this activity during that time frame, use this article and find the www.ngpf.org Last updated: 10/20/22 2 section titled "How Credit Scores Affect Mortgage Rates" to complete the chart below. Use $200,000 as the loan amount.Type of Loan: 30-year Fixed State: National Loan Principal Amount: $250,000 Current FICO Score Range: Varies by person Push Calculate APR (~interest rate) WUOFDP Monthly Payment Total Interest Paid Total Amount Paid '7. If someone asked your \"Why should I bother worrying about my credit score?" what would you say? ingpf NGPF Activity Bank Managing Credit NEXT GEN PERSONAL FINANCE Spanish Version Teacher Tip Video CALCULATE: Impact of Credit Score on Loans For this activity, you'll need the credit scores you calculated previously in the activity CALCULATE: FICO Credit Scores. If you've already completed that activity, copy over the credit scores in the chart below; if not, you'll need to do that activity now. Use the highest number from their estimated range. Note that Danielle had no credit history, but since that time she's opened one credit card and made her payments on time. Her current score is 685. 1. NAME SAM JESSICA DANIELLE Estimated Score 685 Now, assume that each of the three students has graduated from college, maintained their credit score, secured a $50,000/year job, and now wants to go car shopping. Use the FICO Loan Savings Calculator to determine how much the loan is going to cost Sam, Jessica, MINI COOPER and Danielle. Note: This calculator goes down every year in late September-early October. If you are doing this activity during that time frame, use this Car loan calculator to complete the activity instead! Enter the following information into the calculator: A. Type of Loan: 60-month new auto B. State: National C. Loan Principal Amount: $21,000 D. Current FICO Score Range: Varies by person E. Push Calculate www.ngpf.org Last updated: 10/20/22