Which Federal Consumer Credit Law Provides Specific Cost Disclosure Requirements

question 99

Multiple Choice

Which federal consumer credit law provides specific cost disclosure requirements for the annual percentage rate and the finance charge as a dollar amount?

• A) Fair Debt Collection Practice Act
• B) Equal Credit Opportunity Act
• C) Fair Credit Billing Act
• D) Fair Credit Reporting Act
• E) Truth in Lending Act

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Definitions:

Discount on Bonds Payable

The difference between the face value of a bond and its selling price, when sold for less than its face value.

Amortization

The process of spreading out a loan or intangible asset cost over a specific period of time for accounting and taxation purposes.

Generally Accepted Accounting Principles

A collection of commonly-followed accounting rules and standards for financial reporting.