Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
Related questions
Question
![Higher interest
rates on loans
Unlikely to get
a loan
Lower interest
rates on loans
Lower monthly
payments
Higher Monthy
payments
:: 800 Credit Score
:: 700 Credit Score
:: 500 Credit Score](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fed42ece2-097d-4a8d-86d6-76a5b3cf85d0%2F5e4f8e16-c740-4c8f-9fc8-d0a3ed71129b%2F07gfozi_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Higher interest
rates on loans
Unlikely to get
a loan
Lower interest
rates on loans
Lower monthly
payments
Higher Monthy
payments
:: 800 Credit Score
:: 700 Credit Score
:: 500 Credit Score
![How Does your Credit score affect your ability to buy a
home? (mortgage rates)
711
The average American's credit score
Poor
Fair
Good
Very good
Exceptional
300-579
580-669
670-739
740-799
800-850
FICO Score
APR
Monthly Payment
Total Interest Paid
760-850
4.24%
$1,228
$192,219
700-759
4.462%
$1,261
$203,987
680-699
4.639%
$1,.287
$213,480
660-679
4,853%
$1,320
$225,086
640-659
5.283%
$1,386
$248,824
620-639
5.829%
$1472
$279,741
"The chart above shows how much you'd pay at today's rates for each credit
Score range. Examples are based on national averages for a 30-year fixed loan of
$250,000. Interest rate data provided by myFICO as of September 5th, 2018.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fed42ece2-097d-4a8d-86d6-76a5b3cf85d0%2F5e4f8e16-c740-4c8f-9fc8-d0a3ed71129b%2Fnmom0dzc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:How Does your Credit score affect your ability to buy a
home? (mortgage rates)
711
The average American's credit score
Poor
Fair
Good
Very good
Exceptional
300-579
580-669
670-739
740-799
800-850
FICO Score
APR
Monthly Payment
Total Interest Paid
760-850
4.24%
$1,228
$192,219
700-759
4.462%
$1,261
$203,987
680-699
4.639%
$1,.287
$213,480
660-679
4,853%
$1,320
$225,086
640-659
5.283%
$1,386
$248,824
620-639
5.829%
$1472
$279,741
"The chart above shows how much you'd pay at today's rates for each credit
Score range. Examples are based on national averages for a 30-year fixed loan of
$250,000. Interest rate data provided by myFICO as of September 5th, 2018.
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