Lester McCann Is Thinking About Getting a Loan for a New

question 10

Multiple Choice

Lester McCann is thinking about getting a loan for a new car.He knows that when he goes shopping for a loan that all of the banks must report the annual percentage rate as well as all other terms and conditions of the loan.This will allow him to easily compare loans from different banks.Which consumer protection law requires full disclosure on all loans?

• A)Fair Credit Reporting Act
• B)Fair Credit Billing Act
• C)Equal Credit Opportunity Act
• D)Fair Debt Collection Practices Act
• E)Truth in Lending Act

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Definitions:

Median Score

The value separating the higher half from the lower half of a data sample, or the middle score of a distribution when the values are arranged in ascending order.

Mean Income

The average income calculated by dividing the total income of a group by the number of individuals or households in that group.

Statistic

A numerical measure that describes some characteristic of a sample, such as its mean or variance, used for making inferences about a population.

Interquartile Range

A measure of statistical variability, representing the difference between the 75th (upper quartile) and 25th (lower quartile) percentiles.