Question

Find a monthly payment on a 48 month new car loan for $15,000 with a credit score of 700Find a monthly payment on a 48 month new car loan for $15,000 with a credit score of 600

Answer 1

Answer : $28.00

Step-by-step explanation: because it says on the chart the 590-619 it would be $28.00.

Answer 2

We know that with a 700 credit score we pay $23 per $1000 financed, then the monthly payment will be:

`(15000+48\cdot15\cdot23)/(48)=657.50`

Therefore for a 700 credit score tour monthly payment is $657.50