For the best terms on a loan or credit card, you need a credit score above 700.

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 6% for 60 months for the $58,000 unit. What is her monthly payment by add-on method? (Round your answer to the nearest cent.) Monthly payment

Explanation / Answer

Loan amount $ 58,000.00 Add: Interest $ 17,400.00 58000*6%*5 Total $ 75,400.00 ÷Number of months 60 Monthly payment $    1,256.67

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