Search Header Logo
Fall 2024 - AFA Final Exam Review

Fall 2024 - AFA Final Exam Review

Assessment

Flashcard

Mathematics

12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

Student preview

quiz-placeholder

15 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What is a Federal Unsubsidized Student Loan?

Back

A Federal Unsubsidized Student Loan is a type of federal student loan where the borrower is responsible for paying the interest that accrues during the life of the loan, including while in school.

2.

FLASHCARD QUESTION

Front

How is interest calculated on a student loan during a non-payment period?

Back

Interest is calculated using the principal amount of the loan multiplied by the interest rate and the time period (in years) the interest accrues.

3.

FLASHCARD QUESTION

Front

What is the formula to calculate monthly payments on a loan?

Back

The monthly payment formula is: M = P[r(1 + r)^n] / [(1 + r)^n – 1], where M is the total monthly payment, P is the loan principal, r is the monthly interest rate, and n is the number of payments.

4.

FLASHCARD QUESTION

Front

What happens to unpaid interest on a student loan after a non-payment period?

Back

Unpaid interest may be capitalized, meaning it is added to the principal balance of the loan, increasing the total amount owed.

5.

FLASHCARD QUESTION

Front

When do federal student loan payments typically begin?

Back

Federal student loan payments are expected to start 6 months after you are no longer attending school.

6.

FLASHCARD QUESTION

Front

What is the impact of credit score on loan interest rates?

Back

A higher credit score generally results in lower interest rates on loans, while a lower credit score can lead to higher interest rates.

7.

FLASHCARD QUESTION

Front

How do you calculate the total interest accrued on a loan?

Back

Total interest accrued can be calculated by multiplying the principal amount by the interest rate and the time period (in years).

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?