Lenders primarily use the Fair Isaac Corporation (FICO) model to determine credit scores. FICO grades consumers on...

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Lenders primarily use the Fair IsaacCorporation (FICO) model to determine credit scores. FICO gradesconsumers on a 300- to 850-point range; a higher score indicatesless risk to the
lender. A score of 800 or higher isconsidered exceptional; 740 to 799 is very good; 670 to 739 isgood; 580 to 669 is fair; and 579 or lower is poor.
According toMyFICO.com your credit score can impact interest rates available toyou as follows:
FICO score
APR
760–850
4.17%
700–759
4.392%
680–699
4.569%
660–679
4.783%
640–659
5.213%
620–639
5.759%
Using the loan rate available to someone with a FICO creditscore of 780, calculate the monthly payment and total paid over thelife of a $250,000 30-year fixed-rate mortgage for someone withthis credit score.
Now, calculate the monthly payment and total paid using theloan rate available to someone with a FICO credit score of630.
Calculate the difference in monthly payment and the totalinterest paid for someone with a very good credit rating (780) withsomeone who has a low credit rating (630).

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HelloTo determine the monthly payment I have used the PMT See Answer

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Lenders primarily use the Fair IsaacCorporation (FICO) model to determine credit scores. FICO gradesconsumers on a 300- to 850-point range; a higher score indicatesless risk to thelender. A score of 800 or higher isconsidered exceptional; 740 to 799 is very good; 670 to 739 isgood; 580 to 669 is fair; and 579 or lower is poor.According toMyFICO.com your credit score can impact interest rates available toyou as follows:FICO scoreAPR760–8504.17%700–7594.392%680–6994.569%660–6794.783%640–6595.213%620–6395.759%Using the loan rate available to someone with a FICO creditscore of 780, calculate the monthly payment and total paid over thelife of a $250,000 30-year fixed-rate mortgage for someone withthis credit score.Now, calculate the monthly payment and total paid using theloan rate available to someone with a FICO credit score of630.Calculate the difference in monthly payment and the totalinterest paid for someone with a very good credit rating (780) withsomeone who has a low credit rating (630).

According toMyFICO.com your credit score can impact interest rates available toyou as follows:
FICO score	APR
760–850	4.17%
700–759	4.392%
680–699	4.569%
660–679	4.783%
640–659	5.213%
620–639	5.759%