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A loan's balance midway through its amortization period be: less than half of the original principal. more than half of the original principal. equal to half of the original principal. Question 2 (1 point) With amortization, each payment consists of both principal and interest amounts. True False Question 3 (1 point) Increasing your regular loan payments by 10% will shorten the loan amortization period by: 10% exactly more than 10% less than 10%. Question 4 (1 point) If we round up our regular loan payments, the final payment will always be smaller. True False Ace Industries borrowed $150,000 amortized over 10 years at a rate of j12=6% with monthly payments (rounded up to the next cent). Calculate their final payment. Your Answer: Answer Question 6 (1 point) Tai consolidated her outstanding debt into a low-interest personal loan of $50,000 at a rate of 6% compounded monthly (12) for a term of 10 years. How much will she owe on her loan after 6 years of payments? When calculating her original payment, round it up to the next cent before proceeding to the balance calculation. Your Answer: Answer Question 7 (1 point) Amrit is thinking about buying a new car. The car sells for $24,500 and he has a $3,000 down-payment. Calculate his monthly payments if he amortizes the balance at j12=3.6% over 5 years. Your Answer: Tim borrowed $17,000 at a rate of 7.80% compounded semi-annually (12). Calculate his monthly payments if he amortizes his payments over 5 years. Your Answer: Answer Question 9 (1 point) A couple has a $420,000 mortgage amortized over 30 years with monthly payments. They chose to lock in a rate of j2=4% for the first 5 years. Calculate their new monthly payment (rounded up to the next cent) if they refinance at j2=4.75% after the first 5 years are up. Your Answer: Answer Question 10 (1 point) Monica borrowed $5,000 and agreed to pay back the loan with monthly payments over 2 years at 3% compounded monthly. 1. Calculate her monthly payment (rounded up to the next cent). 2. How much principal did she repay during the first year of the loan? 3. How much interest did she repay during the first year of the loan? Question 11 (1 point) Lilly agreed to repay a loan of $21,000 with payments of $500 per month. Using an interest rate of j12=3.6%, calculate the amount of principal repaid during the second year of the loan. Your Answer: Answer Question 12 (1 point) Chandler borrowed $18,100 and agreed to repay the loan with payments of $400 per month. Using an interest rate of j12=3.6%, calculate the amount of principal repaid during the first year of the loan. Your Answer: Answer A loan's balance midway through its amortization period be: less than half of the original principal. more than half of the original principal. equal to half of the original principal. Question 2 (1 point) With amortization, each payment consists of both principal and interest amounts. True False Question 3 (1 point) Increasing your regular loan payments by 10% will shorten the loan amortization period by: 10% exactly more than 10% less than 10%. Question 4 (1 point) If we round up our regular loan payments, the final payment will always be smaller. True False Ace Industries borrowed $150,000 amortized over 10 years at a rate of j12=6% with monthly payments (rounded up to the next cent). Calculate their final payment. Your Answer: Answer Question 6 (1 point) Tai consolidated her outstanding debt into a low-interest personal loan of $50,000 at a rate of 6% compounded monthly (12) for a term of 10 years. How much will she owe on her loan after 6 years of payments? When calculating her original payment, round it up to the next cent before proceeding to the balance calculation. Your Answer: Answer Question 7 (1 point) Amrit is thinking about buying a new car. The car sells for $24,500 and he has a $3,000 down-payment. Calculate his monthly payments if he amortizes the balance at j12=3.6% over 5 years. Your Answer: Tim borrowed $17,000 at a rate of 7.80% compounded semi-annually (12). Calculate his monthly payments if he amortizes his payments over 5 years. Your Answer: Answer Question 9 (1 point) A couple has a $420,000 mortgage amortized over 30 years with monthly payments. They chose to lock in a rate of j2=4% for the first 5 years. Calculate their new monthly payment (rounded up to the next cent) if they refinance at j2=4.75% after the first 5 years are up. Your Answer: Answer Question 10 (1 point) Monica borrowed $5,000 and agreed to pay back the loan with monthly payments over 2 years at 3% compounded monthly. 1. Calculate her monthly payment (rounded up to the next cent). 2. How much principal did she repay during the first year of the loan? 3. How much interest did she repay during the first year of the loan? Question 11 (1 point) Lilly agreed to repay a loan of $21,000 with payments of $500 per month. Using an interest rate of j12=3.6%, calculate the amount of principal repaid during the second year of the loan. Your Answer: Answer Question 12 (1 point) Chandler borrowed $18,100 and agreed to repay the loan with payments of $400 per month. Using an interest rate of j12=3.6%, calculate the amount of principal repaid during the first year of the loan. Your