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If you take out a $1,500 loan for college at 8% interest, what is the principal balance? 

$1620 

$1508

$1500

$1580 

 

Lana and Rebecca both borrow $20,000 from the same bank.  They are both purchasing the same car.  Lana's credit score is 759.  Rebecca's credit score is 588. Who will likely pay less interest charges?

They would both pay the same in interest charges because they both use the same bank

They would both pay the same in interest charges because they are both buying the same car.

Lana would pay less in interest charges because of her credit score.

Rebecca would pay less in interest charges because of her credit score.

jbouyer  Feb 17, 2018
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After ONE year your college loan balance would be   1500 (1+.08) = 1620   if you make no paymets

 

 

Likely Lana would pay less interest on the loan as she has a HIGHER credit score !

ElectricPavlov  Feb 17, 2018

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