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.

Attempt 1 of 3

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Question 1 · Amortization

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

A. The principal (paying down the loan) B. The interest (the bank's charge) C. An escrow account (taxes and insurance) D. The bank's origination fees

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?

A. Loan A (15-year) B. Loan B (30-year) C. They are equal D. It depends on the APR

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

MAT-144 Mastery Check

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