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3 years ago

How does Truth In Lending protect consumers when shopping for a loan?

2 answers:

4 0

The Truth in Lending Act requires lenders to disclose the important terms and costs of credit, including the APR, miscellaneous charges, the payment terms, and information about any variable-rate feature. In general, neither the lender nor anyone else may charge a fee until after you have received this information. Use these disclosures to compare the costs of loans. You usually get these disclosures when you receive an application form and you will get additional disclosures before the loan is made. If any term has changed before the loan is made (other than a variable-rate feature), the lender must usually return all fees if you decide not enter into the loan because of the changed term.

Hope this helps.

Ainat [17]3 years ago

3 0

<span>How does Truth In Lending protect consumers when shopping for a loan</span>

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You are depositing $4,500 today at an annual interest rate of 7.2 percent. How much additional interest will you earn if you lea

Liono4ka [1.6K]

Answer:

$30,185.144

Explanation:

Deposit = $4,500

Annual Interest rate = 7.2%

Amount after 45 year = Deposit x ( 1 + interest rate )^45

Amount after 45 year = $4,500 x ( 1+ 7.2% )^45

Amount after 45 year = $4,500 x ( 1+ 0.072 )^45

Amount after 45 year = $4,500 x ( 1.072 )^45

Amount after 45 year = $102,796 .388

Amount after 40 year = Deposit x ( 1 + interest rate )^40

Amount after 40 year = $4,500 x ( 1+ 7.2% )^40

Amount after 40 year = $4,500 x ( 1+ 0.072 )^40

Amount after 40 year = $4,500 x ( 1.072 )^40

Amount after 40 year = $72,611 .252

Additional Interest = Amount after 45 year - Amount after 40 year

Additional Interest = $102,796.388 - 72,611.252

Additional Interest = $30,185.136

7 0

3 years ago

Gina Parker owns an ad agency in Baton Rouge. She regularly purchases cleaning supplies for her custodial staff, using the same

Diano4ka-milaya [45]

Answer:

<u>A Straight re-buy situation </u>

Explanation:

Straight re-buy situation refers to a state wherein a consumer makes purchases of similar goods, from the same seller, with similar order quantity and for a similar price.

In most of the cases, the purchaser re-orders the previously placed order without paying much heed to the details of such order.

In the given case, the customer purchased supplies from the vendor from whom she had previously purchased, with similar order size and for similar amount. This represents a case of straight re-buy situation.

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4 years ago

CMN Inc. uses LIFO and has experienced increasing costs since its founding. CMN disclosed that the LIFO reserve (also known as t

Neporo4naja [7]

Answer:

$20 million

Explanation:

The computation of the ending inventory if FIFO is used

= LIFO reserve + Ending inventory based on LIFO inventory

= $3 million + $17 million

= $20 million

We simply added the LIFO reserve and LIFO ending inventory so that FIFO ending inventory can be computed. Hence, we take all the items for the computation part.

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4 years ago

Assume that there is rent control in Chicago. Which of the following is true? The total surplus will fall because there will be

natulia [17]

Answer:

The total surplus will fall because there will be a shortage of apartments

Explanation:

6 0

3 years ago

What do you understand by Ranger?

NeX [460]

Answer:

A ranger is a person who takes care of a park or piece of land.

Explanation:

Is there a story or reading that you would like to request support with that concerns the word Ranger?

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2 years ago