Rates, FICO Scores and Loan Payments
- Student Directions:
- Project Outline
Read and understand the focus of the RWLO.
- Project Worksheet
Complete the above worksheet. In doing so, student will
- Determine the price of home that they
would like to buy.
- Calculate mortgage payments on a 30-yr fixed loan using
interest rates pertaining to particular FICO scores,
- Students should then repeat above steps for FICO score
in category above their score and below their score.
- Students should then calculate the total amount of
interest paid on each loan for the entire term.
- Students should compare mortgage payments and
total amount of interest paid for each of the three loans.
- Finally, students should answer project questions
- Credit Score Sites
- This site has a free credit score
estimator in case you don't want to pay for your credit
score. This score is an estimate and does not give you an
actual credit report. It does not require any personal
information. You simple have to answer some questions. If
you want the credit report you would have to pay a fee. The
estimate is perfectly fine for your homework assignment.
- These sites offer actual credit
reports that are free for 30-days. These sites require that
you subscribe to a service, but you can cancel and not be
charged within 30 days.
- This is one of the 3 credit reporting
bureaus. You can purchase an actual credit report and score
- This site is a combination of
edcuational materials and credit information. You can also
purchase an actual credit report here.