1. The remaining balance on an amortized loan is paid down evenly over the life of the loan. For example, if you borrow $20,000 today on a 60-month amortized loan then your remaining balance reduces by 20,000/60=$333.33 each month.

Question 14 options:

	True
	False

2. You found your dream house. It will cost you $300000 and you will put down $45000 as a down payment. For the rest you get a 30-year 5.5% mortgage. What will be your monthly mortgage payment in $ (assume no early repayment)?

4. Mary's 25th birthday is today, and she hopes to retire on her 65th birthday. She has determined that she will need to have $4,000,000 in her retirement savings account in order to live comfortably. Mary currently has no retirement savings, and her investments will earn 8% annually. How much must she deposit into her account at the end of each of the next 40 years to meet her retirement savings goal?