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A higher FICO score (a well-known measure of borrower reliability) is associated with lower interest rates. For example, the total interest paid on a $20,000 car loan over 3 years will by $2,181 for a FICO score of 660, and $1,056 for a FICO score of 760, a saving of $1,125 over the life of the loan, or $31.25 per month. If the discount rate

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abiolataiwo2015

Answer:

$940.86

Explanation:

Since we have been given a 1% monthly interest rate,

Therefore:

let N = 12 x 3 = 36 months.

PW(1%) = $31.25( P/A,1%,36)

= $31.25 (30.1075)

= $940.86

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