Question

Review the information given based on a principal balance of $8,00 to answer the question: calculate the percent increase in the amount of interest paid between a household with an 801 credit score and one with a 798 credit score. round the final answer to the nearest tenth. 6.0%21.6%37.9% 44.3%

Answer 1

The percent increase in the amount of interest paid between a household with an 801 credit score and one with a 798 credit score is
`\( 6.0\% \).` Therefore, option A is correct

To calculate the percent increase in the amount of interest paid between a household with an 801 credit score and one with a 798 credit score, we need to look at the total amount paid for each score and then find the percent increase.

According to the table, a credit score of 801 would fall into the range of 800–850, which has a total amount paid of $9,256.00. A credit score of 798 falls into the next range of 740–799, which has a total amount paid of $9,812.00.

The formula to calculate the percent increase is:

`\[ \text{Percent Increase} = \left( \frac{\text{Increase}}{\text{Original Amount}} \right) * 100 \]`

First, we calculate the increase:

`\[ \text{Increase} = \text{Amount for 798 score} - \text{Amount for 801 score} \]`

`\[ \text{Increase} = \$9,812.00 - \$9,256.00 \]`

`\[ \text{Increase} = \$556.00 \]`

Now we calculate the percent increase using the original amount for the 801 score ($9,256.00):

`\[ \text{Percent Increase} = \left( (556)/(9256) \right) * 100 \]`

Let's calculate the percent increase.

The percent increase in the amount of interest paid between a household with an 801 credit score and one with a 798 credit score is
`\( 6.0\% \).`

Answer 2

We can calculate the percent increase making the following calculation:

`\text{Increase = }(9,812)/(9,256)=1.06`

This means that the value increased 6%