FinancePregunta 69 de 100
A borrower obtains a $300,000 loan at a 6% annual interest rate. What is the interest portion of the first monthly payment?
a.$1,200
b.$2,000
c.$1,800
d.$1,500
Explicación
Annual interest is $300,000 x 0.06 = $18,000. Dividing by 12 months gives $1,500 of interest in the first month. In an amortized loan, interest is calculated on the outstanding balance, which is highest at the start.
Practica las 100 preguntas gratis — sin registro.
Preguntas relacionadas de este tema
- In a mortgage transaction, the borrower who pledges the property as security is called the:
- A loan in which the interest rate remains constant for the entire term is a:
- A property sells for $250,000 and the buyer makes a 20% down payment. What is the loan amount?
- The loan-to-value (LTV) ratio is calculated as:
- Private mortgage insurance (PMI) is typically required on a conventional loan when the:
- An acceleration clause in a mortgage allows the lender to:
Última revisión: · proceso editorial
Equipo Editorial de PrepPass · Verificado con New York Real Estate Salesperson Licensing Exam · Cómo revisamos