Which of the Following Instances of Lending Is Most Likely

question 63

Multiple Choice

Which of the following instances of lending is most likely to be covered by the Truth in Lending Act (TILA) ?

• A)A savings and loan association extends a $30,000 credit to a retail consumer.
• B)An auto retailer extends a $25,000 credit to a buyer payable in five equal installments.
• C)An accountancy firm extends a $10,000 one-time credit to an employee.
• D)A bank extends a $20,000 credit to a farmer for use in agricultural purposes.

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Definitions:

Part-Time

Working less than the full number of hours considered standard or normal in a given period, often resulting in fewer responsibilities and benefits than full-time positions.

Religious Tolerance

The respect for individuals' differences in religious beliefs and practices, allowing people to worship or believe as they choose without discrimination or persecution.

Leadership Skills

A set of abilities that enable an individual to guide, motivate, and direct a group towards achieving a common goal.

Not-For-Profit Organization

An organization that operates for purposes other than making a profit, such as charity, education, or social causes.