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Levels Tought:
Elementary,Middle School,High School,College,University,PHD
| Teaching Since: | May 2017 |
| Last Sign in: | 398 Weeks Ago, 1 Day Ago |
| Questions Answered: | 66690 |
| Tutorials Posted: | 66688 |
MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
A person’s credit score is important in determining the interest rate on a home mortgage. According to Consumer Credit Counseling Service, a homeowner with a $100,000 mortgage and a 520 credit score will pay $110,325 more in interest charges over the life of a 30-year loan than a homeowner with the same mortgage and a credit score of 720. How much higher would the interest rate per year have to be in order to account for this much difference in interest charges, if the $100,000 loan is repaid in a single lump-sum payment at the end of 30 years?
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