1.In your fixed payment, in an amortization loan, the amount of PRINCIPAL you pay _______ during the life of the loan

A. Decreases

B. Increases

C. Stays the same

D. None of the above

2. In your Fixed Payment, in an amortization loan, the amount of INTEREST you pay decreases during the life of the loan

A. Decreases

B. Increases

C. Stays the same

D. None of the above

3. By how much would your monthly payment for a $4,600 two-year loan with an APR of 8.25% increase or decrease if you opted for a 1.5 year instead?

A. Increase by $108.25

B. Decrease by $11.40

C. Increase by $64.00

D. Decrease by $72.50

4. You have a $58,400 15-year loan with an APR of 6.5%? At what payment number does the amount going to the actual principle exceed the amount allocated toward paying interest?

A. At month 15

B. At month 29

C. At month 44

D. At month 53