The Consumer Leasing Act Requires a Lessor to Disclose in Writing

question 44

Multiple Choice

The Consumer Leasing Act requires a lessor to disclose in writing all EXCEPT:

• A) number of payments.
• B) penalties for late payments.
• C) lease rates of the competition.
• D) penalties for early termination.

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Definitions:

Given Unit

A specific quantity or measure that serves as a standard or reference for tasks or calculations in various contexts.

Cash Discount

is a reduction in the invoice amount offered to purchasers as an incentive for early payment, improving cash flow.

Interest Rate

The percentage at which interest is paid by a borrower for the use of money that they borrow from a lender.

Gross Amount

The total sum before any deductions are made, such as taxes, discounts, or expenses.