Amortization Test Actual Questions And Correct Detailed Answers.
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AMORTIZATION
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AMORTIZATION
formula - correct answer A(n) ________ in Excel™ is a software instruction to the program to calculate the quantities in cells on the worksheet.
Answers:
formula
square root
argument
matrix
true - correct answer On...
formula - correct answer A(n) ________ in Excel™ is a software instruction to the
program to calculate the quantities in cells on the worksheet.
Answers:
formula
square root
argument
matrix
true - correct answer One helpful use of an amortization schedule as an automobile
owner is to know whether a trade-in allowance is satisfactory in the negotiation for another car before
the first loan is paid.
Answers:
True
False
Drag using the fill handle in the lower cell to the value of the maximum number of payments. - correct
answer To create automatically a column of sequential integers beginning with "1"
and ending with the number of payments of the loan, enter correct values (for example, 1, 2) in each of
the first and second cells at the top of the column. Then select both cells and _____________.
Answers:
Drag using the fill handle in the lower cell to the value of the maximum number of payments.
Use the PMT function and copy it to the next lower cell.
Just type in the values manually
Drag the top cell to the right.
Nper - correct answer In a constant payment loan calculation using PMT in Excel™,
_______ represents the number of payments required in the loan schedule.
Answers:
,Nper
log
per
ppmt
Multiply times the quantity -1 - correct answer When confronted with a negative
number in a loan calculation that is the result of an Excel™ and not a mathematical negative, the
correction can be achieved by the following procedure:
Answers:
Add $.02 to the payment amount.
Multiply times the quantity -1.
Divide by a quantity of 3.14159 (Pi).
Multiply by a value of 10.
No, because the payments are made more often and twelve payments are due in less time than a year.
There are 52 weeks in a year meaning 13 payments will be due under the proposed loan rather than 12
payments due under the current monthly contact. This will change the annual percentage rate unless
the payment amounts are recalculated. - correct answer Jimmy was talking with a
lender who also owns a pawn shop. Jimmy is having difficulty making the payments on a loan at the
bank with an 8% annual percentage interest rate. The payments on the loan are due monthly. The
lender at the pawn shop has offered to pay off the bank and to allow Jimmy to pay him payments equal
to the current payments, but the payments will be due every four weeks rather than monthly. Jimmy
asked if the annual interest rate would change from the bank's rate. The lender replied, "No, because
the payment amounts are the same, just due a bit more often." Is the lender's answer true?
Answers:
The annual percentage rate does not change if the number of payments change.
The answer is close enough between friends.
Yes, because there are just a few days involved. This is not enough of a difference to affect the annual
percentage rate.
No, because the payments are made more often and twelve payments are due in less time than a year.
There are 52 weeks in a year meaning 13 payments will be due under the proposed loan rather than 12
payments due under the current monthly contact. This will change the annual percentage rate unless
the payment amounts are recalculated.
, absolute - correct answer The mode of addressing used when copying a formula in
a cell to a distant cell, but the cell references as far as column and row remain unchanged, is called
_______ addressing.
Answers:
relative
postponed
intuitive
absolute
Most often this is just an Excel™ convention to show that the money is paid out. It is rarely a negative
number. - correct answer The answers to most PMT, IPMT, and PPMT function
problems has a minus sign (-) in front of it. What does this minus sign mean in the majority of cases?
Answers:
Most often this is just an Excel™ convention to show that the money is paid out. It is rarely a negative
number.
The answer is a negative number mathematically.
This is just a means of distinguishing the answer from the other verbiage.
You have the wrong answer.
integer - correct answer Cell addresses in Excel™ consist of a column identifier
placed in alphabetical order and a row identifier expressed as a(n) _______ in sequential order.
Answers:
decimal fraction
integer
financing factor
symbol
Divide the annual percentage rate by 4 - correct answer If given an annual
percentage rate that is numerically correct for a constant payment loan, the following procedure must
be done if the payments are to be made on a quarterly basis
Answers:
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