Fall 2024 - AFA Final Exam Review

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What is the net price of attending college?

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The net price is the total cost of attendance minus any financial aid received. For Joseph, it is calculated as $26,750 - ($650 * 2 + $5,000 + $6,250) = $14,200.

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What is a subsidized loan?

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A subsidized loan is a type of loan where the government pays the interest while the borrower is in school.

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What is an unsubsidized loan?

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An unsubsidized loan is a type of loan where the borrower is responsible for paying the interest while in school.

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How do you calculate the balance of an account with compound interest?

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What is the drag factor in vehicle stopping distance calculations?

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The drag factor is a coefficient that represents the friction between the tires and the road surface, used to calculate stopping distances.

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How do you determine the average speed of a vehicle based on skid marks?

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Average speed can be estimated using the formula: Speed = (Skid Distance * Drag Factor) / (Braking Efficiency).

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What is the formula for calculating the speed of a vehicle from skid marks?

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What is the significance of the PELL Grant?

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The PELL Grant is a federal financial aid program that provides need-based grants to low-income undergraduate students to promote access to postsecondary education.

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What does it mean for brakes to operate at 95% efficiency?

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It means that the brakes are functioning effectively, but there is a 5% loss in braking power due to various factors.

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What is the formula for calculating compound interest?

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