The consumer credit law is designed to support and protect consumers by mandating creditors to disclose credit terms to consumers.
This backed by the The Consumer Credit Protection Act which protects consumers from loan sharks, restricts the garnishing of wages, and established the National Commission on Consumer Finance to investigate the consumer finance industry.
<h3>The Federal Trade Commission</h3>
The Federal trade commission is an agency saddled with the task of helping and protecting unsuspecting consumers from trade fraud.
They do this by stopping unfair, deceptive and fraudulent business practices by collecting reports from consumers and conducting investigations, suing companies and people that break the law, developing rules to maintain a fair marketplace, and educating consumers and businesses about their rights.
<h3>Better Business Bureau</h3>
The Better Business Bureau is a non profit organization whose main aim is mission is to focus on advancing marketplace trust in the United states.
Learn more about the Federal Trade Commission at brainly.com/question/8244775
#SPJ1
Answer: $20,478.78
Explanation:
In 14 years the investment will be,
Gold
10,000/2 = 5000
Then use the compound interest formula
5000 * (1+0.07)^ 14 = $12,892.67
For Certificates of Deposits.
Use the Compound interest formula
Rate and period are in years. Convert to semi annual basis.
3%/ 2 = 1.5%
14 * 2 = 28 periods
= 5000 ( 1+ 0.015) ^ 28
= $7,586.11
Add both
=$12,892.67 + $7,586.11
= $20,478.78
Answer:
The journal entry for the issue of bond for cash is shown below:
Explanation:
January 1
Cash A/c..........................................Dr $281,400
Bonds Payable A/c....................................Cr $240,000
Premium on Bonds Payable A/c...........Cr $41,400
Working Notes:
Cash = Bonds Par Value × Selling Price
= $240,000 × 117.25 %
= $281,400
Premium on bonds payable = Cash - Bonds Payable
= $281,400 - $240,000
= $41,400