Answer:
Give consumers copies of their credit reports.
Explanation:
In Business, credit can be defined as money or a loan facility agreed upon by a lender and a borrower, who is obligated to repay the lender at a specified date mostly with interest depending on the terms and conditions.
The Fair Credit Reporting Act, or Title VI of the Consumer Credit Protection Act of 1968 is a federal law of the United States of America that was enacted by the 91st US Congress and signed into law by President Richard Nixon on the 26th of October, 1970.
The main purpose of this federal law is to protect consumer reports and information by promoting accuracy, fairness, and privacy collected by consumer reporting agencies.
However, the Fair Credit Reporting Act, or Title VI of the Consumer Credit Protection Act of 1968, do not require that lenders give consumers copies of their credit reports.
The theorist that is referred above is MAX WEBER. He is the theorist who asserts that class members should be grouped according to their value in the marketplace. Max Weber is a well-known German sociologist, and a prominent figure in sociology.
Answer:
4.56%
Explanation:
The annual percentage rate refers to the rate at which the loan amount is equal to the present value of cash flows
In mathematically
Loan amount = Present value of cash flows
Loan amount = Monthly payment × PVAF (rate, number of years)
$31,000 = $493.25 × PVAF (rate, 72 months)
So,
PVAF (rate, 72 months) = 62.8485
And, the monthly rate is = 0.38%
So, the APR is
= Monthly rate × total number of months in a year
= 0.38% × 12
= 4.56%
The 72 months is
= 6 years × 12 months
= 72 months
