Brown SOCA Assessment

pdf

School

The University of Adelaide *

*We aren’t endorsed by this school

Course

4070BWT

Subject

Management

Date

Feb 20, 2024

Type

pdf

Pages

3

Uploaded by ProfTeamFinch29

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07/09/2023, 15:10 Online Assessment https://www.aamctraining.edu.au/InternationalCourse/ExaminationManagement/ResultManagement.aspx 1/3 Learning Centre Logout THANK YOU FOR COMPLETING THE MULTI-CHOICE TEST! S.NO. Question Answer Given 1 You must have the Brown MCQ Guide and Assessment open to answer all questions. Open and read the embedded Brown Case Study Scenario within that document. John is hesitant about Samantha disclosing her $10,000 credit card limit. He does not seem comfortable about Samantha having such a large credit limit and is concerned that they might not get the loan John is your concern about disclosing Samantha’s credit card more about it affecting your chance of getting the new loan or is it that you don’t think you need that credit limit? You are quite correct in that high credit card limits can reduce the amount that can be borrowed. I can complete a Borrowing Power Calculator to see what impact the credit card limits Student Number : 61627 Student Name : Daniel Wu Course : FNS50322 Diploma of Finance and Mortgage Broking Management Assessment : Brown SOCA MCQ Total Questions : 13 Marks Obtained : 13 Result: Satisfactory Attempts:2/5 Back to Content And Assessments Dashboard Back to Learning Centre - Online Course Content
07/09/2023, 15:10 Online Assessment https://www.aamctraining.edu.au/InternationalCourse/ExaminationManagement/ResultManagement.aspx 2/3 approved because of it. Select the appropriate way the broker can address John’s hesitancy and concerns to help manage his resistance. would have on your ability to borrow. Would you like me to do this quick calculation for you now so you can see the effect the credit limits of the credit cards have? Are there any other concerns you have so I can help you explore your options? 2 Choose the one correct answer. The Browns told you in the scenario, that their cash assets are: A joint savings account with Westpac $8,500 3 The Browns listed six assets in their Statement of Assets and Liabilities. Select three of them. Caravan $20,000 2002 Holden Ute (John) $25,000 Share Portfolio (Samantha) $25,000 4 Select the total monthly liability commitment determined by the lender for the Browns. The Westpac home loan repayment is $1,197.00 and the credit card repayment determined by the lender is $450.00. The total monthly commitment per month is $1,647.00. 5 Select the correct liability balance outstanding for the Browns from the Statement of Assets and Liabilities. $124,000 6 John’s gross income per year is $78,308 and Samantha’s gross income per year is $54,086. Select the correct monthly gross income that you need to input in the application. John’s gross income per month is $6,525.66 and Samantha’s gross income per month is $4,507.16. 7 Select the total declared monthly living expenses for John and Samantha. Refer to John and Samantha's declared monthly Total monthly declared expenses are $3,200
07/09/2023, 15:10 Online Assessment https://www.aamctraining.edu.au/InternationalCourse/ExaminationManagement/ResultManagement.aspx 3/3 expenses from the scenario. 8 Using the Browns' scenario, select the recommended loan. Plenti car loan 9 Using the Browns' scenario, select the recommended loan amount. $44,063.00 10 Using the Browns' scenario, select the recommended loan term. 5 years 11 Using the Browns' scenario, select the monthly repayment. $829.00 12 The Browns are keen for you to explain why you have chosen this lender. Refering to the Comparison Rate Report and the Browns' scenario, select the correct reason why you are recommending the product. The Plenti car loan had a competitive advertised rate of 4.89% pa fixed rate with a comparison rate of 5.44% The application fee was $249 and extra payments were allowed. 13 Select the statement that confirms that the interest rate recommendation meets the Browns’ requirements. Refer to the Comparison Rate Report. The Plenti car loan had a competitive advertised rate of 4.89% pa fixed rate.
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