If a Person Is Going to Borrow $30,000 for a Car

question 53

Multiple Choice

If a person is going to borrow $30,000 for a car and pay it off with a constant mortgage payment every month for 5 years, what do you know about their car payment (if the interest rate is positive) ?

• A)Nothing.
• B)The payment is more than $500 per month.
• C)The payment is exactly than $500 per month.
• D)The payment is less than $500 per month.

---

Definitions:

UCC

The Uniform Commercial Code (UCC) is a comprehensive set of laws governing all commercial transactions in the United States, intended to standardize and simplify the laws across states.

Cancelling Contract

The legal act of nullifying an agreement, making it legally void and releasing all parties from their obligations under that agreement.

Remedy

in law, signifies the means by which a court of law enforces a right, imposes a penalty, or makes some other court order to impose its will in respect to a particular legal failure or injury.

Seller

An individual or entity that offers goods or services for sale to buyers in exchange for money or other compensation.