TEST_LOAN AMORTIZATION

TEST_LOAN AMORTIZATION

Assessment

Flashcard

Mathematics

9th - 12th Grade

Hard

Created by

Quizizz Content

FREE Resource

Student preview

quiz-placeholder

15 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What is Amortization?

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.

Create a free account and access millions of resources

Create resources
Host any resource
Get auto-graded reports
or continue with
Microsoft
Apple
Others
By signing up, you agree to our Terms of Service & Privacy Policy
Already have an account?