5.1 Loan Repayment

5.1 Loan Repayment

Professional Development

10 Qs

quiz-placeholder

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5.1 Loan Repayment

5.1 Loan Repayment

Assessment

Quiz

Other

Professional Development

Practice Problem

Hard

Created by

Raquel Huerta

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Interest on real estate loans is normally paid:

in arrears

in advance

on estimated principal

annually

Answer explanation

interest on a home loan is paid for the previous month, meaning it is paid in arrears.

2.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

The act of extinguishing a debt by regular payments is known as:

depreciation

amortization

prepayments

acceleration

Answer explanation

amortization: both principal and interest owed are extinguished by the end of loan term.

3.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

What is the maximum interest rate allowed on a real estate loan in Arizona?

1% over the prime rate

1.5% over the prime rate

2% over the prime rate

there is no maximum interest rate

4.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

The difference between the value and the mortgage balance is called:

profit

equity

loan-to-value ratio

net value

5.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

A type of loan in which each payment applies to principal and interest is:

amortized

package

balloon

open ended

Answer explanation

amortized loan applies payments to both principal and interest

6.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

V gets a 10 year straight loan for $60,000 at an interest rate of 4% to finance the purchase of a vacation cottage in the hills. Every month, she pays the lender $200. In 10 years, how much will V owe the lender?

$0

$24,000

$60,000

$84,000

Answer explanation

a straight loan means the borrower pays only interest during the loan term and makes a lump sum payment of principal at the end

7.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

If a seller agrees to carryback $30,000 for 30 years at 7.2% interest and the monthly payment is $203.64, what is the remaining loan balance after 3 months?

$29,976.36

$29,952.58

$29,928.66

$29,904.59

Answer explanation

look in notebook for math work

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