2023 Personal Finance Final Exam
GRADED A+ (ACTUAL EXAM ) Questions and Answers (Solved)
- Annual Percentage Rate (APR)
Answer: The interest rate on a loan.
- Down Payment
Answer: A portion of the cash price of an item you are financing.
- Principal
Answer: The amount of money financed (the "p" in the monthly payment
formula).
- Amortization Schedule
Answer: A repayment schedule for a loan.
- Total Repaid
Answer: Monthly Payment x # of Payments
- Total Interest on a Loan
Answer: Total Repaid - Amount Financed
- Maximum House Amount
Answer: Annual Income x 3
- Annual Income Required
Answer: Cost of the house/3
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