Amortization Objective Quiz Test Prep With Correct Answers.
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Course
AMORTIZATION
Institution
AMORTIZATION
In a constant payment loan calculation using PMT in Excel™, _______ represents the number of payments required in the loan schedule. - correct answer Nper
One helpful use of an amortization schedule is to check off each payment as you make it and therefore ...
In a constant payment loan calculation using PMT in Excel™, _______ represents the number of
payments required in the loan schedule. - correct answer Nper
One helpful use of an amortization schedule is to check off each payment as you make it and therefore
always be aware of the current ____________ ______ - correct answer principle
balance
Joe has paid 18 payments of a 36 payment automobile loan. He went by to see his banker to check on
the value of his car in the "blue book". The banker said that the car is worth $12,400, but the current
loan balance is $14,678. What phrase describes the relationship between the value of the automobile
and the loan balance? - correct answer Joe's automobile loan is "under water".
A formula ((=D12-1)/C4) is to be copied from cell H4 directly downward to cell H10 below in the same
column, and the cell reference C4 is used with absolute addressing in the formula. Where should the
absolute addressing character be placed in the cell address for absolute addressing? - correct answer
C$4
A(n) ________ in Excel™ is a software instruction to the program to calculate the quantities in cells on
the worksheet. - correct answer formula
In constructing an amortization schedule, one way to test the proper allocation of the interest part and
the principal part is to add the two together in several rows to determine if the combination equals the
_________. - correct answer payment
In order to enter a properly formatted percentage rate, one must first enter a(n) ______________ and
then select the cell and click on the percentage style icon under Home|Number menu item. - correct
answer decimal fraction
In a constant payment loan, the _____ will begin as a large part of the payment and at the end of the
loan, it will diminish to a smaller part of the loan. - correct answer IPMT
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