1. If you had a fully amortizing $350,000 mortgage at 3.5%, with amonthly payment of $1,750, how many years will it taketo pay off this loan?
   1. 300
   2. 25
   3. 30
   4. Insufficient information to calculate
2. You have two loan options, the first would be for $300,000 atan interest rate of 4.25%. The second option would befor one loan of $225,000 at 4.0% and another loan for $75,000 at5.5%. All loans have 30 year terms and are fullyamortizing. Which should you choose and how much loweris your total monthly payment than the other option.
   1. 2nd option, $111
   2. 2nd option, $426
   3. 1st option, $93
   4. 1st option, $24
3. You are considering buying a $600,000 property with a loan tovalue of 90%. A mortgage company was quoting you a rateof 3.75% for a fully amortizing 30 year loan with 3 points paid upfront (to be taken out of the loan proceeds). Assumingyou planned to stay in the property for the full term of the loan,and ignoring PMI, what would be your effective annual percentagerate (APR) on this loan?
   1. 3.26%
   2. 3.75%
   3. 3.92%
   4. 0.326%