Free Printable Mortgages and Amortization

Worksheets

Mortgages and Amortization

Total questions: 20

Worksheet time: 43mins

Name

Class

Date

A _____ is probably the biggest loan one can have

Mortgages

Loan

Credit

Amortization

_________ is when you use your property as collateral for a loan from a financial institution.

Mortgage Loan

Mortgage Payment

Amortization Loan

Amortization Payment

For most installment purchases, a ______________ is generally required. It is usually a certain percent of the purchase price.

Down payment

Monthly payment

Start up payment

Initial payment

Which of the following best describe the buyer's equity?

Down payment

Monthly payment

Amortization payment

Whole payment

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

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

A = \frac{i x P x ( 1 + i ) ^{2}}{( 1 + i ) ^{n} - 1}

$A=\frac{i\ x\ P\ x\ \left(1+i\right)^n}{\left(1+i\right)^2}$

$A=\ \frac{i\ x\ P\ x\ \left(1+i\right)^n}{\left(1+i\right)^n-1}$

$A=\ \frac{i\ x\ P\ x\ \left(1+i\right)^i}{\left(1+i\right)^n-1}$

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

What is the relationship of interest and principal in amortization schedule?

Directly proportional

Indirectly proportional

Joint proportional

Partitive proportion

10.

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.

11.

The cash price of a dining room set is Php. 1920.00. Myrna buys it on an installment basis. She pays 12 monthly installments of Php. 174.00.

What is the total amount she paid? Note: (State your final answer in complete form ex. Php. 1,200.00)

(a)

12.

The cash price of a dining room set is Php. 1920.00. Myrna buys it on an installment basis. She pays 12 monthly installments of Php. 174.00.

How much finance charge did she paid? Note: (State your final answer in complete form ex. Php. 1,200.00)

(a)

13.

Assume a house and lot priced at Php. 1,300.00 is asking for a 25% down payment and APR of 5% term of 30 years.

What is amount of down payment? Note: (State your final answer in complete form ex. Php. 1,200.00)

(a)

14.

Assume a house and lot priced at Php. 1,300.00 is asking for a 25% down payment and APR of 5% term of 30 years.

What is the amount of mortgage loan? Note: (State your final answer in complete form ex. Php. 1,200.00)

(a)

15.

Assume a house and lot priced at Php. 1,300.00 is asking for a 25% down payment and APR of 5% term of 30 years.

How many payments in months must be perform to complete the total mortgage loan ? Note: (State your final answer in complete form ex. 2 months)

(a)

16.