Match the Following Terms with Their Definitions

question 57

Multiple Choice

Match the following terms with their definitions.
-Truth in Lending Act

• A)Total of all payments minus amount financed
• B)Effective interest rate
• C)A payment process
• D)A revolving charge account
• E)Sum of daily balance divided by number of days in billing cycle
• F)Total of all monthly payments plus down payment
• G)Used in calculation of average daily balance
• H)Doesn't dictate interest rates
• I)Cash price minus down payment
• J)Used to calculate rebate of finance charge
• K)Purchase till maximum credit reached
• L)Initial cash payment

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Definitions:

Ordering

The process of requesting goods, services, or tasks in a systematic and organized manner.

Contamination

The presence of unwanted substances or impurities in a material or environment, often leading to pollution or infection.

Floor

The bottom surface of any room or vehicle, on which one may walk or stand.