The most Brendan can afford to pay per year in mortgage payments is $10,500, and his credit score is currently 544.
According to the following table
for a $150,000 mortgage, by how many points would he need to improve his
credit score in order to take a mortgage for $150,000?
FICO
score
720-850
Interest
rate
5.59%
Monthly
payment
$860
700-719
5.71%
6.25%
675-699
$872
$924
$1039
620-674
7.40%
560-619
$1157
8.53%
9.29%
500-559
$1238
A. 131 points