The most Mimi can afford to pay per year in mortgage payments is $12,500,
and her credit score is currently 531. According to the following table for a
$150,000 mortgage, by how many points would she need to improve her
credit score in order to take a mortgage for $150,000?
Interest
rate
5.59%
FICO
score
720-850
700-719
675-699
620-674
560-619
500-559
5.71%
6.25%
7.40%
8.53%
9.29%
Monthly
payment
$860
$872
$924
$1039
$1157
$1238