What is Amortization?
TEST_LOAN AMORTIZATION

Flashcard
•
Mathematics
•
9th - 12th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
Amortization is the paying off of debt with a fixed repayment schedule in regular installments over a period of time.
2.
FLASHCARD QUESTION
Front
What is the 'principal' in a loan?
Back
The principal is the amount originally borrowed.
3.
FLASHCARD QUESTION
Front
Calculate the monthly payment for a $10,000 car loan at 5.9% for 4 years.
Back
The monthly payment would be $234.39.
4.
FLASHCARD QUESTION
Front
What is the correct formula for finding the monthly payment on a loan?
Back
5.
FLASHCARD QUESTION
Front
What is the term for the installment payment on a loan?
Back
The installment payment on the loan is termed Amortization.
6.
FLASHCARD QUESTION
Front
What does a fixed repayment schedule mean?
Back
A fixed repayment schedule means that the payment amount remains the same throughout the loan term.
7.
FLASHCARD QUESTION
Front
What is an example of a loan that uses amortization?
Back
Examples include a mortgage or a car loan.
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