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Lenders primarily use the Fair IsaacCorporation (FICO) model to determine credit scores. FICO gradesconsumers on a 300- to 850-point range; a higher score indicatesless risk to thelender. A score of 800 or higher isconsidered exceptional; 740 to 799 is very good; 670 to 739 isgood; 580 to 669 is fair; and 579 or lower is poor.According toMyFICO.com your credit score can impact interest rates available toyou as follows:FICO scoreAPR760–8504.17%700–7594.392%680–6994.569%660–6794.783%640–6595.213%620–6395.759%Using the loan rate available to someone with a FICO creditscore of 780, calculate the monthly payment and total paid over thelife of a $250,000 30-year fixed-rate mortgage for someone withthis credit score.Now, calculate the monthly payment and total paid using theloan rate available to someone with a FICO credit score of630.Calculate the difference in monthly payment and the totalinterest paid for someone with a very good credit rating (780) withsomeone who has a low credit rating (630).