
11.5 Amortization Review
Authored by Sherri Taormina
12th Grade
Used 18+ times

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9 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Amortization is the paying off of debt with a ____________________ repayment schedule in regular installments over a period of time. Examples include a mortgage or a car loan.
fixed
variable
differentiated
fluctuating
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A portion of each payment is for interest while the remaining amount is applied towards the __________________________ balance.
principal
interest
interest rate
loan term
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Initially, a large portion of each payment is devoted to __________________________.
interest
the principal balance
loan term
interest rate
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
As the loan matures, larger portions go towards paying down the ___________________________.
principal balance
interest
interest rate
loan term
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If you have an amortized loan, your monthly payment will ______________________________.
always be the same
always be different
sometimes be the same
never be the same
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
If a friend who’d never heard of amortization before asked you to explain how loan payments work, what would you say?
Amortization is a scheduled breakdown of how much you’ll pay every month (fixed) to repay a loan. It shows what portion of your payment is going to interest and principal each month.
Every month, you pay the interest due first, and then all remaining portions of your payment goes toward paying down the principal balance.
Both options are true.
7.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Find the monthly payment necessary to pay off the loan with the following loan amount, the annual interest rate, and the length of the loan.
Amount: $6000
Rate: 8%
Time: 3 years
$160.99
$188.19
$208.40
$245.88
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