An amortized loan - Study guides, Class notes & Summaries

Madison Davidson negotiated for a $30,000 loan with $200 monthly payments, plus 9 percent interest. In this case, what is the monthly interest in the first month? A: $225 B: $450 C: $425 D: $205 - A: 225 First, you take $30,000 and multiply it by 9% for the total annual interest paid, or $2,700. Divide that by 12 (months) for a total of $225 per month interest payment. If this is a fully amortized loan, the ratio of principal and interest will change every month, with the interest declin...

Texas General Lines - Life, Accident and Health Insurance Practice Exam Questions and Correct Answers 2024/2025 LIFE SECTION 1 - Correct Answer LIFE SECTION 1 1) Sandra Timms, age 27, is advised by her producer to purchase Life insurance to cover a 20-year-amortized $50,000 business-improvement loan. Which of the following plans would adequately protect Ms. Timms at the minimum premium outlay? A- $50,000 Whole Life policy B- $50,000 Level Term policy for 20 years C- $50,000 20 Pay Life ...

PSI National Exam for Real Estate Test Bank with complete solutions | Latest 2023/2024 A written agreement in which a purchaser agrees to buy and a seller agrees to sell is called ️ a contract Antitrust laws prohibit competing brokers from all of the following ️ 1. boycotting other brokers in the marketplace. 2. dividing the market to restrict competition. 3. agreeing to set sales commissions and management rates. When a sewer line is installed down a rural road, the cost will probabl...

REAL ESTATE U FINAL EXAM AND FINAL PRACTICE EXAM LATEST ACTUAL EXAM 300 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) ALREADY GRADED A+ Are unlicensed assistants allowed to record and deposit trust money deposits and maintain trust account records under the close supervision of the offer broker-incharge? - ANSWER-Yes What entities must have a firm license to operate as a broker in North Carolina? - ANSWER-Any type other than sole proprietorships. When should written a...

Loan-to-Value Ratio (LTV) - correct answer The percentage of the lesser of the appraised value or sales price that the lender will lend. ex: If a borrower is approved for an 80% loan, it means that the lender will loan up to 80% of the sales price or appraised value, whichever is lower. Package Mortgage - correct answer Includes both real and personal property ( fixtures and furnishings) Blanket Mortgage - correct answer Covers more than one piece of property. Wraparound Mortgage - c...

condominium Severalty ownership of air rights combined with an undivided interest in the common areas of real estate would MOST LIKELY describe a on probation A licensee could be active in the real estate business if his/her license is Agent Kenzie has terminated her relationship with her broker. The broker has returned her license to the BREP. Agent Kenzie has thirty days to place her license in escrow or find another broker Disciplinary actions that can be taken by the ...

GA MLS Real Estate Practical Final Exam Questions With Answers 2023 Solution Safety Clause - CORRECT ANS -A negotiated period after the termination of the listing during which the listing broker may still be entitled to a commission if the property is sold to a buyer who was shown the property during the listing period Survival Clause - CORRECT ANS -A clause in the contract for purchase and sale that, unless otherwise expressly agreed to in writing by the buyer and seller, allows certai...

Texas General Lines - Life, accident and health insurance PRACTICE EXAM Questions and Answers with complete solutions LIFE SECTION 1 1) Sandra Timms, age 27, is advised by her producer to purchase Life insurance to cover a 20-year-amortized $50,000 business-improvement loan. Which of the following plans would adequately protect Ms. Timms at the minimum premium outlay? A- $50,000 Whole Life policy B- $50,000 Level Term policy for 20 years C- $50,000 20 Pay Life policy D- $50,000 Decreas...

mortgage Broker - Answer- Functions as a middleman between the borrower and the lender, negotiating, selling or arranging loans to be delivered to large investors Mortgage Banker - Answer- Provide their own funds for the purpose of providing mortgage financing Correspondent Lender - Answer- Smaller in scale then mortgage bankers or brokers, these lenders typically extended loans with their own funds at their own risk Origination - Answer- The process of creating a new mortgage loan U...

BARNEY FLETCHER - GA RE SCHOOL EXAM 2024 WITH 100% CORRECT ANSWERS What is the tax assessment rate for all real property in Georgia? - correct answer 40% What could happen if a property is sold at foreclosure and does not bring enough money to satisfy all of the debts secured by the property? - correct answer Outstanding debts could be pursued as a result of a deficiency judgement When foreclosure occurs, the payment priority of most of the outstanding debts is established by: - corre...