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Key takeaways. Your payment is calculated based on your chosen interest rate and repayment period. The type of loan (interest-only or amortizing) will determine the loan payment formula and how ...
To calculate interest, you need to know variables such as interest rate, principal loan amount and loan term. So if you had 4% interest on a $100,000 mortgage loan, and your loan term was 30 years ...
Credit scores usually range from 300 to 850 showing the customer's creditworthiness. A customer with a high credit score shows that they are creditworthy and banks will have no problem giving them a loan. If a customer has a low credit score then banks would be hesitant to give out a loan and if they do it might be with a higher interest rate.
Note that the interest rate is commonly referred to as an annual percentage rate (e.g. 8% APR), but in the above formula, since the payments are monthly, the rate must be in terms of a monthly percent. Converting an annual interest rate (that is to say, annual percentage yield or APY) to the monthly rate is not as simple as dividing by 12; see ...
A high credit score signals that you are a relatively low risk, while a low score indicates greater risk. Of two of the well-known credit score models lenders use, VantagesScore® and FICO® Score, the score ranges go from 300 to 850. The higher the credit score on any model, the greater chance you have of being eligible for a variety of loan ...
LexisNexis RiskView score, based on wide-ranging public records, ranges from 501 to 900. CoreLogic Credco reports on property related public records and its Anthem Credit Score ranges from 325 to 850. PRBC allows consumers to self-enroll and report their own non-debt payment history. The PRBC alternative credit score range is 100 to 850.
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