Use the following information for the following four questions. A financial institution wishes to earn a pure rate of 2

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Use the following information for the following four questions.
A financial institution wishes to earn a pure rate of 2 percent,
and the inflation premium is 1.6%. The financial institution uses
the Fair Issac Corporation (FICO) score to determine car loan rate
for its customers. Based on an automobile loan applicant’s FICO
score, it uses the following risk premium adjustment to the rate it
quotes.
FICO Score Risk Premium % >740 1.00% 720-739 1.10% 700-719
1.30% 680-699 1.60% 660-679 1.90% 640-659 2.20% 620-639 2.50%
<620 7.50%
1. What annual percentage rate will it quote to Bill Wyne who
has a FICO score of 645?
2.If Bill Wyne FICO score drops to 615, what will be the percent
change in the APR?
3. Bill Wyne applies for a car loan to the bank and the bank
quotes her an APR of 4.98 percent. In which range does Bill Wyne's
FICO score fall?
4. The average FICO score in the United States is about 692.
What is the APR rate offered by the financial institution to the
average customer?