Asked by Queenstar Barfi on Jun 01, 2024
Verified
In order for a loan to come within the scope of the Truth in Lending Act,________.
A) the credit or loan must be subject to a finance charge
B) the credit or loan must have repayments of more than four installments
C) the credit or loan must have an interest rate of over 5%
D) the credit or loan must be subject to a finance charge,the credit or loan must have repayments of more than four installments,and the credit or loan must have an interest rate of over 5%
E) the credit or loan must be subject to a finance charge or have repayments of more than four installments,but there is no requirement that the loan have an interest rate of over 5%
Finance Charge
Fees and interest charges associated with the borrowing of money or the extension of credit.
Installments
Periodic payments made towards settling a debt or purchasing a good, spreading out the total cost over a period of time.
- Interpret the rights and liabilities of consumers within the framework of the Truth in Lending Act.
Verified Answer
ZK
Zybrea KnightJun 04, 2024
Final Answer :
E
Explanation :
In order for the Truth in Lending Act to apply,the credit or loan must be subject to a finance charge or must have repayments of more than four installments.
Learning Objectives
- Interpret the rights and liabilities of consumers within the framework of the Truth in Lending Act.
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