Which of the Following Contracts Would Be Illegal in Ontario

question 70

Multiple Choice

Which of the following contracts would be illegal in Ontario?

• A)the TD Bank charging a risky customer 64% annual interest rate on a 3 year $20,000 car loan
• B)Money Mart charging an unemployed man 320% annual interest rate on a 2 week $300 loan
• C)the Royal Bank charging an illegal immigrant 50% annual interest rate on a 2 year $10,000 loan
• D)Money Mart charging an unskilled woman 500% annual interest rate on a 3 week $600 loan
• E)All of these contracts would be illegal in Ontario

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Definitions:

Cumulative Relative Frequency

The accumulation of the previous relative frequencies up to a certain class or point, showing the proportion of observations below a particular value in a dataset.

Dispersion

A measure of the spread of a distribution or the variability of data points around a central value.

Standard Deviation

A statistic that measures the dispersion of a dataset relative to its mean, indicating how spread out the data points are.

Percentile

A measure used in statistics to indicate the value below which a given percentage of observations in a group of observations falls.