Amortization Practice Quiz
What is the APR on a 30 year, $500,000 loan at 4%, plus a half a point? - correct answer
4.04
What is the APR on a 15 year, $300,000 loan at 3%, plus 4 points? - correct answer
3.57
What is the APR on a 20 year, $400,000 loan at 5%, plus 3 points? - correct answer
5.38
Given a $200,000 loan, monthly payments, 30 years at 3.75%, how much principle is paid over the first
72 months? - correct answer ??
Given a $200,000 loan, monthly payments, 30 years at 3.75%, how much interest is paid on the 36th
payment? - correct answer ??
What is the monthly loan payment on a 15 year, $100,000 loan at 4.25%? - correct answer
752.28
What is the payment on a 72 month, 1.99% car loan for $60,000? - correct answer
884.76
What is the payment on a 72 month, 5.99% car loan for $20,000? - correct answer
331.36
Given current interest rates, it is highly unlikely that the total interest cost on a long term loan such as
30 year mortgage will be any greater than 1/4 of the loan amount. - correct answer
False
