Under the Truth in Lending Act, the Cost of Credit

question 36

Multiple Choice

Under the truth in lending act, the cost of credit extended must be expressed as an

• A) actual percentage rate.
• B) approximate percentage rate.
• C) annual percentage rate.
• D) average percentage rate.

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Definitions:

Genetics

The branch of biology that deals with heredity and the variation of inherited characteristics.

Adult Personalities

The composite of characteristics, traits, and behaviors that define an individual in adulthood.

Stability

The consistency or persistence of a state, trait, or behavior over time, often used in psychological contexts to describe personalities.

Environmental Influences

Refers to external factors such as culture, education, and social relationships that impact an individual's development and behavior.