Financial Portfolio Project: Part 4
The purpose of this assignment is to determine how different credit scores will impact a purchase. Think about how Jamie Lee Jackson’s scenario, located in Connect, applies to your daily life. Try a website such as bankrate.com or other similar websites to view interest rates. Write a 200-300-word summary discussing the following items.
1. How can you determine and track your credit score? Describe why it is important to maintain good credit.
2. What is the interest rate for a vehicle loan if you have a 600-credit level score? What is the interest for a 750-credit level score?
3. What is the total price of a $25,000.00 automobile, over the life of the loan, financed for 5 years, based on the two different interest rates you found? Assume that you have no trade-in or money for a down payment.
4. How is an auto loan different from a credit card purchase?
APA style is not required, but solid academic writing is expected.
You are required to submit this assignment to LopesWrite for similarity scores and Plagiarism Check.