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Question 1
The most favourable car financing is obtained from
Select one:
a. commercial banks.
b. manufacturer's financing from car dealers.
c. credit unions.
d. getting quotes from various sources.
Question 2
What is the best advice regarding a mortgage financing?
Select one:
a. Let an expert choose the type and length of mortgage you will need.
b. Select the maximum payments you can afford based on your cash flow.
c. Get a pre-approval certificate to guarantee your mortgage approval.
d. Ensure the mortgage payments do not absorb all your excess income.
Question 3
A 15-year mortgage compared to a 30-year mortgage has
Select one:
a. higher interest costs.
b. a faster buildup of equity.
c. higher interest rates.
d. lower interest rates.
Question 4
An amortization schedule shows all but the
Select one:
a. interest portion of the payment.
b. increase in equity.
c. principal portion of the payment.
d. beginning and ending balances.
Question 5
The risk management method that is not recommended is
Select one:
a. avoiding risks.
b. ignoring risks.
c. sharing risks.
d. accepting risks.
Answer & Explanation
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