The Truth in Lending Law Does Not Set the Interest

question 105

True/False

The Truth in Lending law does not set the interest rates or tell the creditor how to make interest calculations.

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Definitions:

Payroll Checks

Payroll checks are written documents issued by an employer to pay an employee for services rendered.

Special Bank Account

A bank account designated for a specific purpose or to handle particular types of transactions, separate from general accounts.

Maturity Value

The amount payable to the holder of a financial instrument at its maturity date.

Note Payable

A written promise to pay a certain amount of money, typically including interest, by a certain date; a form of credit or loan.