Mathematics · Weighted Average

A bank uses a simplified internal scoring model for personal loans with the following components: - Payment History (35% weight): Perfect = 900, 1 late payment = 600, 2+ late payments = 300. - Credit Utilization (30% weight): 50% = 300. - Credit Mix (15% weight): Mixed = 900, Only one type = 500. - Length of History (20% weight): >5 years = 900, 1-5 years = 600, <1 year = 300. Calculate the score for a borrower with 1 late payment, 40% utilization, mixed credit, and 3 years of history.