Project Overview
Student Learning Objectives
Procedure
Content Material
Assessment
Links to Course Competencies
Supplementary Resources
Recommendations

 

 
Interest Rates, FICO Scores and Loan Payments

Content Material

  • 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
         
  • Referenced URLs:
    • Credit Score Sites
       
      1. 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.
        http://www.bankrate.com/brm/fico/calc.asp

         
      2. 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.
        http://www.consumerinfo.com/default.asp
        http://www.creditreporting.com/
        http://www.freecreditreport.com/

         
      3. This is one of the 3 credit reporting bureaus. You can purchase an actual credit report and score here.
        http://www.equifax.com/

         
      4. This site is a combination of edcuational materials and credit information. You can also purchase an actual credit report here.
        http://www.myfico.com/