AAFM Exam CWM_LEVEL_2 Topic 2 Question 81 Discussion

Actual exam question for AAFM's CWM_LEVEL_2 exam

Question #: 81
Topic #: 2

Section C (4 Mark)

Read the senario and answer to the question.

If Mr. Mehta is paying interest rate 12%p.a on his housing loan and 10% p.a. on car loans, in how many months would he pay off his housing loan and car loan?

AHouse loan-321 month, Car Loan-129 months

BHouse loan-540 month, Car Loan-318 months

CHouse loan-342 month, Car Loan-249 months

DHouse loan-432 month, Car Loan-429 months

Show Suggested Answer

Suggested Answer: B

by Daren at Jul 02, 2024, 08:35 PM

Limited Time Offer

25%

Off

Get Premium CWM_LEVEL_2 Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

Submit Cancel

Lenna

4 months ago

Ah, the good old 'pay off your loans in the afterlife' strategy. I guess Mr. Mehta is playing the long game here.

upvoted 0 times

Yvette

2 months ago

D) House loan-432 month, Car Loan-429 months

upvoted 0 times

...

Tyra

2 months ago

I hope Mr. Mehta has a good plan to pay off those loans.

upvoted 0 times

...

Ira

2 months ago

C) House loan-342 month, Car Loan-249 months

upvoted 0 times

...

Mozell

2 months ago

Mr. Mehta must have taken out some big loans to be paying for that long.

upvoted 0 times

...

Beckie

3 months ago

B) House loan-540 month, Car Loan-318 months

upvoted 0 times

...

Mirta

3 months ago

That's a long time to be paying off loans.

upvoted 0 times

...

Bettyann

3 months ago

A) House loan-321 month, Car Loan-129 months

upvoted 0 times

...

Cecily

4 months ago

Okay, let's see here... 342 months for the house loan and 249 months for the car loan. That's a whole lot of payments.

upvoted 0 times

Carey

2 months ago

I wonder if there's a way to pay them off sooner.

upvoted 0 times

...

Gail

2 months ago

I know, it seems like forever to pay off both loans.

upvoted 0 times

...

Lindy

2 months ago

That's a long time to be making payments.

upvoted 0 times

...

Jamal

3 months ago

Mr. Mehta must have a lot of patience to stick with it for so many months.

upvoted 0 times

...

Kenda

3 months ago

I know, it seems like it will take forever to pay off both loans.

upvoted 0 times

...

Edgar

3 months ago

That's a long time to be making payments.

upvoted 0 times

...

Rolland

4 months ago

That's true. Maybe we should calculate the total interest paid for each loan first.

upvoted 0 times

...

Thaddeus

4 months ago

But the interest rates are different for the two loans.

upvoted 0 times

...

Rolland

4 months ago

No, I believe it's C.

upvoted 0 times

...

Thaddeus

4 months ago

I think the answer is A.

upvoted 0 times

...

Tarra

4 months ago

Hmm, 540 months for the house loan? That's like, almost 50 years! I hope Mr. Mehta is a really patient guy.

upvoted 0 times

Karma

3 months ago

He must be really patient to wait that long.

upvoted 0 times

...

Elly

3 months ago

Maybe Mr. Mehta got a really big loan.

upvoted 0 times

...

Kenneth

4 months ago

I know, that's almost 50 years!

upvoted 0 times

...

Frank

4 months ago

Yeah, 540 months does seem like a long time.

upvoted 0 times

...

Reita

5 months ago

Wow, that's a lot of months to pay off those loans! I wonder if Mr. Mehta is planning on living in his house for the rest of his life.

upvoted 0 times

Tiffiny

4 months ago

I know, it's important to make sure you're getting the best deal before taking out a loan.

upvoted 0 times

...

Julie

4 months ago

Yeah, those interest rates can really add up over time.

upvoted 0 times

...