In a Closed-End Credit Transaction

question 30

Multiple Choice

In a closed-end credit transaction:

• A) the lender makes a series of loans with a maximum amount set before the first loan is made.
• B) if the lender is offering a "teaser rate," this must be clearly disclosed.
• C) the Federal Reserve Board should be consulted before a lender is chosen.
• D) there is only one loan, and the borrower knows the amount and payment schedule in advance.

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