Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

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Multiple Choice

Which two main factors most directly determine the total amount of interest paid on a mortgage loan?

The property value and the type of mortgage

The down payment amount and the borrower's credit score

The interest rate and the length of the loan term

The monthly payment amount and the loan origination fee

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Verified step by step guidance

Understand the concept of mortgage interest: Mortgage interest is the cost of borrowing money to purchase a property, and it is determined by specific factors that influence the total amount paid over the life of the loan.

Identify the two main factors that directly affect the total interest paid: These are the interest rate (the percentage charged by the lender) and the length of the loan term (the duration over which the loan is repaid).

Explain the impact of the interest rate: A higher interest rate increases the total interest paid, while a lower interest rate reduces it. The interest rate is typically expressed as an annual percentage rate (APR).

Explain the impact of the loan term: A longer loan term results in more interest paid over time because the borrower is paying interest for a longer period. Conversely, a shorter loan term reduces the total interest paid.

Clarify why other factors are less directly related: While factors like property value, down payment, credit score, monthly payment, and loan origination fee can influence the loan terms or approval, they do not directly determine the total interest paid as the interest rate and loan term do.