Answer:
Explanation:
The difference between a credit score of 699 and 700 is 14.125% and 13.125% APR interest rate for a 4-year (48-months) loan of $7500.
With APR of 14.125% compounded yearly, the total loan payment after 4 years is
= $7500 * (1 + 14.125%)^4
= $7500 * 1.14125^4
= $12722.85
With APR of 13.125% compounded yearly, the total loan payment after 4 years is
= $7500 * (1 + 13.125)^4
= $7500 * 1.13125^4
= $12282.75
So you will save by having a credit score above 700:
= $12722.85 - $12282.75
= $440.10
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