look at mortgage loan rates on a bank/credit union website, read the small print on the...

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look at mortgage loan rates on a bank/credit union website, read the small print on the rates page to find the minimum credit score for the best rate. You can also use, bankrate.com, nerdwallet.com or homesnap.com. If the lender you chose uses a different cut-off (other than 740), you may use it, just be sure to tell me what the cut-off is. Website used and date: bankrate.com Interest Rate for 740 or higher score: 7.23% Payment for 740 or higher score: = $6740.12 Show your financial calculator inputs. N i/y PV PMT FV 12*30 = 360 7.23/12=0.6025% 989,999.9153 -6740.1206 $0 7) B) Use a credit score of 700 and compute the monthly mortgage P&I payment based on a 30-year loan. You may need to contact a lender to verify the rate for this credit score. If you look at mortgage loan rates on a bank/credit union website, read the small print on the rates page as we did in class to find the minimum credit score for the best rate. Interest Rate for 700 or below score: 7.375% Payment for 700 or below score: $6,837.68 Show your financial calculator inputs: N i/y PV 12*30 = 360 7.375/12=0.6146% 989,979,00056 -6837.6840 PMT FV $0 8) What is the difference in payment per month for #6 and #7? Show calculations. $6,837.68 - $6740.12 = $97,56 How much interest is paid over the life of the loan at 740 score? 7.231% How much interest is paid over the life of the loan at 700 score? 7.375% What is the difference in interest paid over the life of the loan? 7.375% - 7.231% = 0.1440*100 =14.4% look at mortgage loan rates on a bank/credit union website, read the small print on the rates page to find the minimum credit score for the best rate. You can also use, bankrate.com, nerdwallet.com or homesnap.com. If the lender you chose uses a different cut-off (other than 740), you may use it, just be sure to tell me what the cut-off is. Website used and date: bankrate.com Interest Rate for 740 or higher score: 7.23% Payment for 740 or higher score: = $6740.12 Show your financial calculator inputs. N i/y PV PMT FV 12*30 = 360 7.23/12=0.6025% 989,999.9153 -6740.1206 $0 7) B) Use a credit score of 700 and compute the monthly mortgage P&I payment based on a 30-year loan. You may need to contact a lender to verify the rate for this credit score. If you look at mortgage loan rates on a bank/credit union website, read the small print on the rates page as we did in class to find the minimum credit score for the best rate. Interest Rate for 700 or below score: 7.375% Payment for 700 or below score: $6,837.68 Show your financial calculator inputs: N i/y PV 12*30 = 360 7.375/12=0.6146% 989,979,00056 -6837.6840 PMT FV $0 8) What is the difference in payment per month for #6 and #7? Show calculations. $6,837.68 - $6740.12 = $97,56 How much interest is paid over the life of the loan at 740 score? 7.231% How much interest is paid over the life of the loan at 700 score? 7.375% What is the difference in interest paid over the life of the loan? 7.375% - 7.231% = 0.1440*100 =14.4%