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Former Wells Fargo CEO John Stumpf testified before the Senate Finance Committee regarding the opening of over 2 million accounts without client consent. In some cases, people were charged fees, late fees, and collection fees on accounts they had no knowledge of. This likely negatively impacted people's credit scores. Senator Tester (D-MT) asked Stumpf if the illegal accounts impacted a person's credit score. Stumpf replied that he did not know how the credit rating agencies operated.

Suppose a person would have received a 4.10% interest rate on a 30-year fixed home mortgage of $400,000, but due to Wells Fargo's negligence they instead received an interest rate of 5.27% on the 30-year mortgage for the $400,000 home. How much more would they have to pay over the life of the loan from the higher interest rate?

Financial Management, Finance

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