Loans & Amortization — Mastery Check · MAT-144

MAT-144 · Topic 4 · Mastery Check

Loans & Amortization

Four quick questions to check that Topic 4 clicked. Two multiple choice, two short calculations. Perfect score earns one substantive participation post.

What it checks

  • 1Amortization
  • 2Total paid
  • 3Term length
  • 4Total interest
4 of 4 to pass 3 attempts 60 seconds between attempts One question at a time

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Question 1 of 4
Question 1 · Amortization

At the start of a mortgage, most of your monthly payment goes toward:

Question 2 · Total paid

You have a $25,000 auto loan with monthly payments of $483 for 60 months (5 years). What is the total amount you will pay back? Round to two decimals.

$
Enter the amount in dollars, to two decimals
Question 3 · Term length

Two identical $200,000 mortgages differ only in term length:

  • Loan A: 15-year term, monthly payment $1,478
  • Loan B: 30-year term, monthly payment $955

Which loan will cost you less in total interest over its lifetime?

Question 4 · Total interest

You have a $10,000 personal loan with monthly payments of $212 for 60 months (5 years). What is the total interest you will pay? Round to two decimals.

$
Enter the amount in dollars, to two decimals

All answered.

    Submitting uses one attempt.