REFM Prerequisite III Question and answers verified to pass 2024/2025
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Course
REFM
Institution
REFM
REFM Prerequisite III Question and answers verified to pass 2024/2025 REFM Prerequisite III
(what is) amortization - correct answer the repayment schedule for the mortgage loan principal
what does principal mean - correct answer the capital amount borrowed
another term for interest-on...
REFM Prerequisite III
(what is) amortization - correct answer ✔the repayment schedule for the
mortgage loan principal
what does principal mean - correct answer ✔the capital amount borrowed
another term for interest-only loan - correct answer ✔zero-amortization
(bullet) loan
how does an interest-only loan work? - correct answer ✔interest is paid on
the outstanding principal until the time of the final monthly payment, when the
principal balance is also paid
the debt service is deducted from the... - correct answer ✔cash flow
interest payments are paid with _________ while the principal debt service
loan will be paid off with _________ - correct answer ✔cash flows generated
from operations; the property sale proceeds
positive amortization - correct answer ✔Occurs when the monthly mortgage
payment decreases the loan balance
fully-amortizing loan - correct answer ✔a loan whose term and amortization
schedule are equal
balloon payment - correct answer ✔the final payment plus all remaining
principal due if the loan matures sooner than the amortization period
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