Amortization

The installment payment on the loan is termed____________.

• Down payment

• Mortgages

• Amortization

• Buyer's equity

The schedule prepared showing the installment payments for the period (called the term of the loan) is called___________.

• Amortization Table

• Payment Method Table

• Installment Payment Table

• Mortgages Table

Tags

CCSS.HSF.LE.A.2

Which of the following is the correct formula in finding the monthly payment?

• undefined

An ____________________ is a table or chart showing each monthly payment on an amortizing loan indicating how much of each payment goes to interest and how much goes to principal.

• Amortization schedule

• Amortization table

• Mortgage schedule

• Mortgage table

Tags

CCSS.HSF.LE.A.2

Which of the following statement is not true about amortization?

• Even though the monthly payment is fixed, the amount of money paid to interest and principal varies each month.

• As the amount that goes to interest decrease as payment is made, the amount that goes to the principal increase.

• An amortization schedule is a table or chart showing each monthly payment

• The relation ship of monthly payment to principal and interest is directly proportional.

As a loan matures, larger portions go towards paying down the

• principal balance

• interest

• loan term

• none of the above

If you have an amortized loan, your monthly payment will _______________

• never be the same

• sometimes be the same

• always be the same

Amortization is made up of what two parts?

• Interest and payment

• Principal and payment

• Interest and principal

• none of the above

Find the principal: The fixed payment is $250.50, the interest portion is $6.75

• 243.75

• 250.50

• 257.25

• 6.75

Tags

CCSS.7.NS.A.1B

The value for A is?

• $9,003.67

• $9,476.36

• $11,628.67

• $9,973.87

• None of these