1a. Mike has a credit rating of 720. Tyler has a credit rating of 560. Mike and Tyler apply for identical loans from Park Bank. Mike is approved for a loan at 5.2 while Tyler was approved for an interest rate that is three points higher than Mikes rate what is Tyler’s interest rate? If Mike and tyler were both approved for a loan for $3,000 that they would pay back in three years, what would be the interest they each would have to pay back? Why is there a difference?
