CA Real Estate Finance Course » 2021 » Sec 13 Unit 2 Exam

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Question #1
A buyer with a 30-year, $400,000 loan at a 7% interest rate has a monthly principal and interest payment totaling $2,661.21. If $2,333.33 is interest, how much is applied to principal?
A.   $2,333.33
B.   $2,661.21
C.   $933.33
D.   $327.88
Question #2
A buyer has a 30-year, $400,000 loan with a 7% interest rate. How much of the first month's mortgage payment is interest?
A.   $28,000
B.   $2,333.33
C.   $3,100
D.   $933.33
Question #3
A buyer with a 20-year, $419,000 loan at a 4.25% interest rate has a monthly principal and interest payment totaling $2,594.59. If $1,483.95 is interest, how much is applied toward principal for that payment?
A.   $1,780.75
B.   $1,246.1
C.   $1,110.64
D.   $1,578.57
Question #4
When using an amortization chart, you use the interest rate and the loan term to arrive at a factor, such as 5.17808. Now what do you do?
A.   Divide the loan amount by the factor.
B.   Multiply the number of thousands in the sales price.
C.   Divide the sales price by the factor.
D.   Multiply the number of thousands in the loan by the factor.

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