Question

Review the information given based on a principal balance of $8,000 to answer the question:

FICO Score Simple Interest Rate Total # of Payments Total Amount Paid
800-850
12%
29
740-799
670-739
580-669
300-579
O $2,709
O $2,635
O $2,079
15%
O$4,683
18%
21%
28%
33
38
Calculate how much more a household with a credit score of 580 will pay compared to a household with a credit score of 750.
48
60
$9,256.00
$9,812.00
$10,554.00
$11,891.00
$14,945.00

Answer 1

A household with a credit score of 580 will pay $74 more compared to a household with a credit score of 750.

Step-by-step explanation:

To calculate how much more a household with a credit score of 580 will pay compared to a household with a credit score of 750, we need to compare the total amount paid by each household for the given principal balance. According to the information provided, the total amount paid for a credit score of 800-850 is $2,709, while the total amount paid for a credit score of 740-799 is $2,635. The difference between these two amounts is $2,709 - $2,635 = $74. Therefore, a household with a credit score of 580 will pay $74 more compared to a household with a credit score of 750.

Answer 2

Step-by-step explanation:

the answer is $2,079

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