4. 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
FICO
Score
720-850
700-719
675-699
620-674
560 619
1500-559
5599
1517190
6.25%
7/4090
8.5398
9299
Monthly
Payment
$860
5872
$924
$1039
$ 157
$1238
Help Burt find the answer by using the table above. (5 points: Part - 1 point; Part II - 1 point; Part III
- 1 point: Part IV - 1 point Party - 1 point)
Part 1: What would Burt's monthly payment be?