Question

Your parents are purchasing a mobile home for $89,000. The sales tax is 4.2%, they make a $3,000 down payment. How much more interest do your parents have to pay at the end of the first month because their rating is good rather than excellent?

Answer 1

why the "rating is good rather than excellent bit"

Answer 2

You're missing a huge detail.

Answer 3

Secured Unsecured
Credit APR (%) APR (%)
Excellent 4.75 5.50
Good 5.00 5.90
Average 5.85 6.75
Fair 6.40 7.25
Poor 7.50 8.40



$29.39


$21.10


$18.71


$19.02

Answer 4

because depending on their credit, they'd have to pay a different interest rate

Answer 5

ok good to know for the future. thanks

Answer 6

Feel like there's missing information tho...

I'd assume it's an unsecured loan since there's no information to prove that it is a secured loan

But how long is the loan term and so how much is the monthly payment

Answer 7

Oh yeah that's true there is something missing