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 30-year term mortgage, after a 25% down payment on a $295,450.00 purchase price, for a household with a 788 credit score. (2 points)

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 30-year term mortgage, after a 25% down payment on a $295,450.00 purchase price, for a household with a 788 credit score.