Description
Abbey Mortgage Bank Past Questions and Answers
Are you gearing up for a career opportunity with Abbey Mortgage Bank Past Questions in Nigeria? Congratulations on taking this crucial step towards a rewarding and fulfilling future! To help you make the most of this opportunity, we present the Abbey Mortgage Bank Past Questions – your ultimate preparation resource that will undoubtedly put you ahead of the competition.
Abbey Mortgage Bank Past Questions is a renowned and reputable financial institution in Nigeria, known for its commitment to excellence and customer satisfaction. As one of the leading Abbey Mortgage Bank Past Questions banks in the country, Abbey Mortgage Bank Past Questions has built a solid reputation over the years, offering a wide range of financial products and services tailored to meet the needs of its diverse clientele.
This is where our Abbey Mortgage Bank Past Questions pack comes in to play a pivotal role in your success. We understand that preparation is the key to success in any competitive examination , and with our comprehensive pack, you can rest assured that you are well-prepared to tackle any challenges that may arise during the assessments with Abbey Mortgage Bank Past Questions.
Mobile-Friendly: Access the past questions conveniently on your computer, tablet, or smartphone. Study on-the-go and fit your preparation into your busy schedule.
Abbey Mortgage Bank Aptitude Test Format:
The questions to expect at the Aptitude test include
- Mathematics,
- English Language,
- General knowledge.
Free Sample Abbey Mortgage Bank Past Questions
ENGLISH LANGUAGE
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
These are covered in the study pack. Also on the test, you will be required to answer about 60 questions in 60 minutes(This is subject to change).
Some Frequently Asked Questions about Abbey Mortgage bank test (2024)
Q: Can I take the test on my phone? A: We strongly advise against using your phone for the test. Using your phone can result in your test being terminated when calls or SMS come in during the test as this can be considered suspicious activities (see the question on suspicious activities for more details).
Q: Can I take the test more than once? A: You are only allowed to take the test only once. If you take the test more than once, it is only your score from the first attempt that will be recorded.
Q: Is the test timed? A: Yes. All tests have a time duration in which they must be completed. Once the duration is reached, the test will be terminated, and your score recorded and submitted.
Q: What if I mistakenly end the test before I am done? A: Once a test is submitted or closed, it will be assumed that the test has been completed and submitted.
Q: Would I be allowed to retake the test if my test automatically ended because of network or internet issues? A: No, you would not be allowed to retake the test. You are advised to make sure you have quality internet service to avoid this.
Q: Would I be allowed to use the calculator on my system for the test for mathematical questions? A: Opening another app on your device while taking the test is considered an unusual behaviour so we advise you have a physical calculator for the test.
Q: My test just ended. I don’t know what happened. What should I do? A: Your test can be terminated for several reasons – internet connection, suspicious behaviour, or test time elapsed. Please ensure you have good and reliable internet before starting the examination to prevent termination due to poor internet connection. If you perform five (5) suspicious activities, your test will be terminated. Every time a suspicious activity is noticed, you will get a warning. By the fifth (5th) warning, your test will be terminated.
Q: What are suspicious activities? A: Your test will be terminated if you perform five (5) suspicious activities.
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