15. What is the rate of interest on a 30 year fully amortizing loan if the monthly repayments are $1,270.48? a) 5.45% b) 4.85% c) 5.86% d) 6.12%

16. Based on a $400,000 25 year loan at an interest rate of 6.45% what are the interest payments in the first month a) $1,857.50 b) $2,150.00 c) $2,418.75 d) Cant answer the question without knowing if the loan is fully amortizing or partially amortizing.

17. Moving from a Fixed-Rate loan to an Adjustable Rate loan transfers interest rate exposure from the lender to the borrower? a) True b) False

18. 13 years ago a household took out a 20 year Interest Only $350,000 loan at a fixed-rate of 3.85%. How much is the outstanding principal on the loan? a) $235,491.43 b) $173,167.38 c) $350,000.00 d) $121,467.84

19. Based on a partially amortizing $625,000 loan with a balloon payment of 20% what are the monthly repayments with a term of 25 years and an interest rate of 4.85% a) $3,481.17 b) $3,384.63 c) $2,976.75 d) $3,599.28

20. How much would the total repayments differ between a fully amortizing 25 year loan for $500,000 at 6.55% and an identical loan repaid over 15 years? a) $139,477.56 b) $184,816.63 c) $289,110.40 d) $231,029.65