About loan amortization in given loan

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Reference no: EM132004104

1. The mirror image rule would apply to which of the following contracts?

A. A contract to purchase a used car.

B. A contract to purchase a new dishwasher.

C. A contract to settle a legal dispute.

D. None of the above.

E. Two of the above are correct.

2. Which of the following is not true about loan amortization in a given loan?

A. Both the interest payment and principal payment will be identical every period

B. Both the interest payment and principal payment will add up to same amount every period

C. To pay off the principal as well as to pay off the interest on the loan.

D. Over the duration of the loan the interest payment will decrease and principal payment will increase over time.

Reference no: EM132004104

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