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?

Question

ramen · Answer

why the "rating is good rather than excellent bit"

lowkey · Answer

You're missing a huge detail.

lowkey · Answer

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

TheSmartOne · Answer

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

ramen · Answer

ok good to know for the future. thanks

TheSmartOne · Answer

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

venessak · Answer

Oh yeah that's true there is something missing