Which of the Following Is Most Accurate About Interest Rates

question 69

Multiple Choice

Which of the following is most accurate about interest rates in Canada?

• A)Charging a rate of three percent for a seven day payday loan is legal in Canada.
• B)As long as loan charges come in the form of fees,they are not included in interest rate calculations in Canada.
• C)Payday loan companies provide a necessary service and have permission to charge above the maximum loan rate in Canada.
• D)The maximum interest rate that can be charged on a consumer loan in Canada is 60 percent.

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Definitions:

Delay Gratification

The skill to forgo an immediate pleasure to receive a benefit in the future.

Fear of Success

An apprehension or anxiety over the potential negative consequences of achieving one's goals and the resulting changes in one’s life or relationships.

Sabotage

Deliberate action aimed at weakening a polity, effort, or organization through subversion, obstruction, disruption, or destruction.

Suicide Rates

The statistical figure representing the number of suicide deaths in a specified population and time period, typically per 100,000 individuals per year.