Question

Calculate the monthly payment for loan amount of $350,000 using the following parameters:

• 20 Year Loan, fully amortizing

• Interest Rate of 3.29%

What is the monthly payment amount (rounded to the nearest dollar)?

a. $2,466 b. $2,276 c. $1,992 d. $1,713

Calculate the monthly payment for loan amount of $150,000 using the following parameters:

• 30 Year Loan, fully amortizing

• Interest Rate of 7.00%

What is the monthly payment amount (rounded to the nearest dollar)?

a. $ 952 b. $ 998 c. $1,102 d. $ 925 6.

Calculate the Principal Loan Amount considering the following parameters:

• 30 Year Loan, fully amortizing

• Interest Rate of 5.00%

• Monthly payment of $1,200.00

What is the monthly payment amount (rounded to the nearest dollar)?

a. $200,150 b. $ 24,000 c. $205,272 d. $223,528 7.

Calculate the Principal Loan Amount considering the following parameters:

• 20 Year Loan, fully amortizing • Interest Rate of 4.50%

• Monthly payment of $2,000.00

What is the monthly payment amount (rounded to the nearest dollar)?

a. $316,131 b. $361,311 c. $281,051 d. $359,821

Answer 1

For 1st question,where loan amount is $35000, interest rate is 3.29 % and time duration to repay loan is 20 years. The answer is C.$ 1992

For 2 Nd question, where loan amount is $ 150000, interest rate is 7 % and time duration to repay loan is 30 years. The answer is B.$ 998

For 3rd question, where monthly payment is $ 1200, interest rate is 5 % and time duration to repay loan is 30 years. The answer is D. $ 223528

For 4th question, where monthly payment is $ 2000, interest rate is 4.5% and time duration to repay the loan is 20 years. The answer is A. $ 316136