The most Stanley can afford to pay per year in mortgage payments is $12,000, and his credit score is currently 544. According to the following table for a $150,000 mortgage, by how many points would he need to improve his credit score in order to take a mortgage for $150,000? FICO Score 720-850 700-719 675-699 620-674 560-619 500-559 Interest Rate 5.59% 5.71% 6.25% 7.40% 8.53% 9.29% Monthly Payment $860 $872 $924 $1,039 $1,157 $1,238 O A. 156 points OB. 131 points O C. 76 points O D. 14 points
Answers
The answer is not listed in the options. The credit score points are 170.
What is a credit score?To determine the answer, we need to find the interest rate and monthly payment associated with Stanley's credit score of 544.
Since Stanley's credit score is not listed in the table, we need to estimate the interest rate and monthly payment based on the information provided. Generally, the lower the credit score, the higher the interest rate and monthly payment.
Let's assume that Stanley's interest rate would be 10% and his monthly payment would be $1,000 based on his credit score of 544.
Using the table, we can see that for a $150,000 mortgage with a 10% interest rate, the monthly payment would be $1,316.
Now, we need to determine how much Stanley can afford to pay per year in mortgage payments, which is $12,000. We can divide $12,000 by the monthly payment of $1,316 to get the number of payments he can make in a year: $12,000 ÷ $1,316 = 9.12 payments.
Since there are 12 months in a year, Stanley can only make 9 payments per year. Therefore, he can only afford a mortgage with 9 payments of $1,316, which is $11,844 per year.
To afford a $150,000 mortgage, Stanley would need to lower his interest rate or increase his monthly payment. Since he cannot afford a higher monthly payment, he would need to improve his credit score to lower his interest rate.
Looking at the table, we can see that the interest rate associated with a credit score of 675-699 is 6.25%, which would result in a monthly payment of $924. To afford a $150,000 mortgage with a monthly payment of $924, Stanley would need to improve his credit score by 544 - 675 + 1 = 170 points.
Therefore, the answer is not listed in the options.
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Step-by-step explanation:
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The expected value of the student's score on the test is 3.4.
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Answers
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Step-by-step explanation:
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Answer:
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Step-by-step explanation:
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Answer:
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Step-by-step explanation:
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Answer:
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Step-by-step explanation:
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Step-by-step explanation:
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Step-by-step explanation:
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