Mortgage Amortization Quiz - Mortgage Bank Real Estate Finance | FIN 4713, Quizzes of Finance

Download Mortgage Amortization Quiz - Mortgage Bank Real Estate Finance | FIN 4713 and more Quizzes Finance in PDF only on Docsity! Finance 4713: Mortgage Amortization Quiz Name: For the following interest rates and payment amounts, compute the loan amortization. The note requires a minimum payment of $1000 per month, but the borrow is allowed to pay additional if desired. The note rate (APR) may change each month. Date Payment APR Int Due (APR/1200 Balt-1) Principal Paid (PMT – Int) Balance (Balt-1 – Print) Jan 1 0 200,000.00 Feb 1 1000.00 6.625% Mar 1 2000.00 8.250% Apr 1 1250.00 9.375% May 1 1000.00 7.125% Finance 4713: Mortgage Practice Quiz F08 Name: Unless stated otherwise, assume mortgage payments are made monthly. 1. Complete the following table, assuming monthly payments. Interest Rate Loan Amount Term (years) Monthly. Payment Yr 1 Interest. Amount Year 1 Principal Balance after 1 Year. 12% 140000 30 8% 140000 30 4% 140000 30 12% 140000 15 8% 140000 15 4% 140000 15 2. How much interest will you pay in the 11th year of a $95,000, 5.5%, 25 year mortgage? 3. How much will you pay into principal on a 6 3/8%, $135,000, 15 year mortgage in the final 2 years of the mortgage. 4. Compute the balance, at 9 1/4 years, on a $155,000, 7.75%, 30 year mortgage.