A fully amortized payment is split into which two components?

The interest rate and the total interest

As the months progress on an amortized loan...

The payment sizes decrease, and the principal is paid down more quickly

The payments stay the same, but the principal is paid down more quickly

The payments stay the same, but the principal is paid down more slowly

The payment sizes decrease, but the principal is paid down at the same rate

If you can afford it, why is it a great idea to pay MORE than your amortized payment on a car, home, or other loan? Select all that apply.

You will pay less money overall

You will pay less total interest

You will pay your loan off faster

You will pay less total principal

You’re debating whether to buy a trendy fall jacket that costs a whopping $200! You have it sitting in your online cart, and you see there’s a “Buy Now, Pay Later” option available for the jacket. Which best describes an example of how that would work?

They ship you the jacket now, and you owe four $50 payments, once every 2 weeks, until the jacket is paid in full

You pay the full $200 now, but they wait a month to send it to you, giving you the chance to cancel, penalty free, if you change your mind

You pay $100 right now, you receive the jacket, and you owe $100 more a year later on the anniversary of your purchase date

You reserve the jacket now, you pay as much or as little as you want in each payment, and when you eventually get to $200, they send you the jacket

4.4 Loan Fundamentals Lesson

21 questions

Show all answers

1.

SLIDE QUESTION

1 min • Ungraded

2.

SLIDE QUESTION

1 min • Ungraded

3.

SLIDE QUESTION

1 min • Ungraded

4.

SLIDE QUESTION

1 min • Ungraded

5.

SLIDE QUESTION

1 min • Ungraded

6.

SLIDE QUESTION

30 sec • Ungraded

7.

OPEN ENDED QUESTION

3 mins • 1 pt

Based on this data, what observations can you make about household debt in the US?

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