Business, 21.06.2021 22:00 ellie55991
1. Burt and Ernie are both considering taking out a $150,000 mortgage. Burt's credit score is 592,
while Ernie's credit score is 776. Burt found out that he would have to pay more per year in mortgage
payments than Ernie because his credit score is lower, but he's not sure how much more.
Interest
Rate
Ernie
FICO
Score
720-850
700-719
675-699
620-674
560-619
500-559
5.59%
5.71%
6.25%
7.40%
8.53%
9.29%
Monthly
Payment
$860
$872
$924
$1039
$1157
$1238
Burt's
8537. $1154
560
Help Burt find the answer by using the table above. (25 points: Part 1 - 5 points; Part II - 5 points; Part
III - 5 points; Part IV - 5 points; Part V-5 points)
Part I: What would Burt's monthly payment be?
Answers: 1
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1. Burt and Ernie are both considering taking out a $150,000 mortgage. Burt's credit score is 592,...
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