Which of the Following Is NOT One of the Provisions

question 47

Multiple Choice

Which of the following is NOT one of the provisions of the Truth in Lending Act?

• A)It requires a full disclosure of the comparative costs of buying goods for cash or on credit.
• B)The creditor must disclose, in writing and in advance of signing, the total dollar finance charge and the effective annual percentage rate (APR)of the interest or finance charge.
• C)It provides for a three-day "cooling-off" period when a consumer agrees to borrow on the security of a second mortgage on a home.
• D)It places a limit on the rate or amount of interest or carrying charge.

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Definitions:

Scrap Value

The estimated worth of a tangible asset at the end of its useful life, often related to material goods that can be recycled or sold for parts.

Investment

The allocation of resources, typically monetary, into assets or projects expected to generate returns or income over time.

Present Discounted Value

The value of a future amount of money in today's terms, adjusted for the time value of money.

Wrongful Death Suit

A legal action brought against someone who is alleged to have caused a death through negligence or intentional harm.