• What is your interest rate?

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%

1. 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)
   • Amortization Formula

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• What is your monthly payment?
• What is the total cost of the car?

1. 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?

Answer rating: 100% (QA)

To calculate the monthly payment and total cost of a car purchase based on the given information we ... View the full answer