Define Three of the Following

question 49

Essay

Define three of the following:
a.Finance charge
b.Annual percentage rate
c.Simple interest
d.Minimum monthly payment
e.Add-on interest method

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Definitions:

Duty of Obedience

is the responsibility of the directors and officers of a corporation to act in accordance with the corporation's charter, bylaws, and the law in decision-making processes.

Lawful Instruction

Refers to directives or orders given that are within the bounds of the law and ought to be followed by the recipients.

Apparent Authority

A situation in which a reasonable third party would understand that an agent had authority to act, even if the agent did not have actual authority.

Express Agency

A type of agency relationship explicitly agreed upon by the principal and agent, either orally or in writing.