Review the Monthly Principal & Interest Factor chart to answer the question:
FICO Score APR 30-Year Term 20-Year Term 15-Year Term
770–789 5.5 $5.68 $6.88 $8.17
750–769 6.0 $6.00 $7.16 $8.44
730–749 6.5 $6.32 $7.46 $8.71
710–729 7.0 $6.65 $7.75 $8.99
690–709 7.5 $6.99 $8.06 $9.27
Calculate the monthly payment, for a 15-year term mortgage, after a 15% down payment on a $315,200.00 purchase price, for a household with a 711 credit score. Show your work. (10 points)
