For the best terms on a loan or credit card, you need a credit score above 700.
ID: 2612876 • Letter: F
Question
For the best terms on a loan or credit card, you need a credit score above 700. To achieve this, start establishing credit now. Pay all of your bills on time. In addition, use only one-third of your available credit limit and pay off your revolving balance(s) each month. R.J.Johnson has excellent credit. She wants to purchase a piece of equipment for her business and was offered 5% for 48 months for the $54,000 unit.
What is her monthly payment by formula? (Round your answer to the nearest cent.)
Explanation / Answer
Interest = $ 54000 x .05% x 4 = $ 1080
$ 1080 + $ 54000 / 48 = $ 1147.5