Free Abbey Mortgage Bank Past Questions and Answers- [PDF Download]

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Sample questions for Abbey Mortgage Bank  Past Questions and Answers

Below are samples of  Free Abbey Mortgage Bank Past Questions and Answers- Download
Select the correct answer from the following options lettered A-D

1. Maldives is a country ________ thousands of islands, and it is ________ most dispersed country.
(A) made of, a
(B) made of, the
(C) made up of, a
(D) made up of, the
Answer: (D)

2. You need to write your mobile number, while home address is ________.
(A) option
(B) options
(C) optional
(D) optionals
Answer: (C)

3. The problem is not _______ to one of internal.
(A) reduce
(B) reducible
(C) reliable
(D) reduction
Answer: (B)

4. They had been ________ false beliefs from their childhood.
(A) doctrinated
(B) indoctrine
(C) indoctrinated
(D) indoctrination
Answer: (C)

5. Employs in this department always ________ close relations with each other.
(A) maintain
(B) maintains
(C) maintained
(D) maintenance
Answer: (A)

6. Emma is older ________ Alice, while Jolie is ________ oldest.
(A) than, an
(B) from, the
(C) then, the
(D) than, the
Answer: (D)

7. I can’t walk anymore, I’m ________ tired.
(A) too
(B) so
(C) such
(D) so such
Answer: (A)

Question 8:

What is PMI in mortgage terminology?

A) Prepaid Mortgage Interest

B) Private Mortgage Insurance

C) Property Maintenance Inspection

D) Principal Monthly Installment

Answer: B) Private Mortgage Insurance

Question 9:

What does APR stand for in mortgage-related terms?

A) Annual Property Rate

B) Adjustable Principal Ratio

C) Annual Percentage Rate

D) Adjustable Payment Repayment

Answer: C) Annual Percentage Rate

Question 10:

What is an amortization schedule in the context of a mortgage?

A) A list of mortgage rates for different lenders

B) A summary of a borrower’s financial assets

C) A timeline showing the repayment of a mortgage over time

D) A report on a property’s market value fluctuations

Answer: C) A timeline showing the repayment of a mortgage over time

MATHEMATICS
1. In a youth club with 94 members, 60 like modern music, and 50 like traditional music. The number of members who like both traditional and modern music is three times those who do not like any type of music. How many members like only one type of music?
A. 8
B. 24
C. 62
D. 86
Answer: C
Explanation
x = no. of ppl that like none.
no. of ppl that like both Traditional and Modern music, which is equal to 3x
Modern Music = 60 – 3x
Traditional Music = 50 – 3x
60-3x + 50 – 3x + 3x + x = 94
110 – 3x + x = 94
-2x = 94 – 110
=>-2x = -16,
this x = 8.
Members that like only one game:
= 60 – 3x + 50 – 3x
= 60 – 3[8] + 50 – 3[8] = 60 – 24 + 50 – 24
= 36 + 26 = 62
Members that like only one type of music = 62

2. A man wishes to keep his money in a savings deposit at 25% compound interest so that after three years he can buy a car for N150,000. How much does he need to deposit?
A. N112,000.50
B. N96,000.00
C. N85,714.28
D. N76,800.00
Answer: D
Explanation
Amount A = P(1+r)n;
A = N150,000, r = 25%, n = 3.
150,000 = P(1+0.25)3 = P(1.25)3
P = 150,000/1.253 =N76,800.00

3. The 3rd term of an A.P is 4x – 2y and the 9th term is 10x – 8y. Find the common difference.
A. 19x – 17y
B. 8x – 4y
C. x – y
D. 2x
Answer: C
Explanation
n = 3, U3
= 4x – 2y,
Un
= a + (n-1)d,
4x – 2y = a + 2d… (1)
U9
= 10x – 8y,
10x – 8y = a + 8d… (2)
Solving (1) and (2),
subtract eqn i from ii
a-a + 8d – 2d = 10x -4x – 8y- (-2y)
6d = 6x – 8y+ 2y.
6d= 6x – 6y
6d = 6( x-y)
d = x – y

4. Find the inverse of p under the binary operation * defined by p*q = p + q – pq, where p and q are real numbers and zero is the identity
A. p
B. p -1
C. p/(p-1)
D. p/(p+1)
Answer: C
Explanation
If P-1 is the inverse of P and O is the identity, Then P-1 * P = P * P-1 = 0
i.e. P-1 + P – P-1.P = 0
P-1 – P-1.P = -P
P-1(1 – P) = -P
P-1 = -P/(P-1)
= P/(P-1)

5. P is a point on one side of the straight line UV and P moves in the same direction as UV. If the straight line ST is on the locus of P and angle VUS = 60°, find angle UST.
A. 310°
B. 130°
C. 80°
D. 50°
Answer: B
Explanation
Make a good sketch of the question, and follow this steps.
Since ST is parallel to UV => angle USR = 50°(alternate to VUS.
Angle UST = 180° – 50° = 130° (angle on a straight line)

Question 6:

If a borrower’s gross monthly income is $5,000 and their total monthly debt payments (including the mortgage) are $1,800, what is their debt-to-income (DTI) ratio as a percentage? A) 20% B) 36% C) 50% D) 64%

Answer: B) 36%

Question 7:

A property increases in value from $300,000 to $350,000 over a period of 5 years. What is the average annual appreciation rate?

A) 2%

B) 5%

C) 7%

D) 10%

Answer: C) 7%

Question 8:

If a borrower takes out a mortgage loan of $150,000 at an interest rate of 6.25% compounded annually for 25 years, how much interest will they pay over the life of the loan?

A) $56,250

B) $93,750

C) $112,500

D) $150,000

Answer: C) $112,500

Question 9: A property is purchased for $200,000. If the closing costs are 3.5% of the property’s value, how much are the closing costs?

A) $3,000

B) $6,500

C) $7,000

D) $10,500

Answer: B) $6,500

Question 10: If a borrower pays an extra $200 towards their mortgage principal every month, how many months will it take to pay off a $300,000 loan with an interest rate of 4.8%?

A) 147 months

B) 225 months

C) 300 months

D) 480 months

Answer: A) 147 months