Practice Problems: Mortgage Amortization Exam Questions And Answers Guaranteed Success.
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Course
AMORTIZATION
Institution
AMORTIZATION
Suppose that you borrow $200,000 in the form of a 12-year loan with an annual interest rate of 6% with monthly payments and monthly compounding. How much interest will you pay in the first year of the loan? - correct answer $11,680.6453
Suppose that you borro...
Practice Problems: Mortgage
Amortization
Suppose that you borrow $200,000 in the form of a 12-year loan with an annual interest rate of 6% with
monthly payments and monthly compounding. How much interest will you pay in the first year of the
loan? - correct answer $11,680.6453
Suppose that you borrow $200,000 in the form of a 12-year loan with an annual interest rate of 6% with
monthly payments and monthly compounding. How much principal will you pay in the last year of the
loan? - correct answer $22,676.6741
Suppose that you borrow $800,000 in the form of a 27-year loan with an annual interest rate of 4% with
monthly payments and monthly compounding. How much interest will you pay in the third year of the
loan? - correct answer $30,296.8239
Suppose that you borrow $800,000 in the form of a 27-year loan with an annual interest rate of 4% with
monthly payments and monthly compounding. How much principal will you pay in the tenth year of the
loan? - correct answer $24,073.9342
Suppose that you borrow $650,000 in the form of a 30-year loan with an annual interest rate of 9% with
monthly payments and monthly compounding. How much interest will you pay in the second year of the
loan? - correct answer $57,903.2070
Suppose that you borrow $650,000 in the form of a 30-year loan with an annual interest rate of 9% with
monthly payments and monthly compounding. How much principal will you pay in the fifteenth year of
the loan? - correct answer $15,582.1925
Suppose that you borrow $650,000 in the form of a 30-year loan with an annual interest rate of 9% with
monthly payments and monthly compounding. How much interest will you pay in the first month of the
loan? - correct answer $4,875.00
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