AFA Final Exam Study Guide

AFA Final Exam Study Guide

12th Grade

34 Qs

quiz-placeholder

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AFA Final Exam Study Guide

AFA Final Exam Study Guide

Assessment

Quiz

Mathematics

12th Grade

Practice Problem

Hard

CCSS
6.RP.A.3C, RI.11-12.3, HSF.BF.A.2

+21

Standards-aligned

Created by

Brandi Dabbs

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34 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Paul is buying a house for $300,000. His down-payment is 10%. What will his down-payment be?

$3000

$30,000

$33,000

$60,000

Tags

CCSS.6.RP.A.3C

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the beginning years of a mortgage, what is most of your payment going towards?

The principal

The interest

The down payment

The principal and interest

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fees associated with the process of securing a mortgage are called __________ costs. They can account for 3-5% of the mortgage.

Mortgage

Property

Escrow

Closing

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Additional costs that include property tax and home insurance are called __________.

Mortgage

Property

Escrow

Closing

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is the bank protecting when charging an escrow?

Themselves

The buyer

The seller

The county

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This schedule shows you the breakdown of what you owe towards the principal vs what you owe towards the interest:

Loan

Interest

Principal

Amortization

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If Jamal has a monthly payment of $1,750 for 30 years, how much will he have paid over the course of the loan?

$1,750

$52,500

$630,000

$975,000

Tags

CCSS.HSF.BF.A.2

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