Riverview Bank Makes a Mortgage Loan of $95,000 to Pomeroy

question 32

Multiple Choice

Riverview Bank makes a mortgage loan of $95,000 to Pomeroy to buy a home.Under federal law,if Riverview fails to provide certain material disclosures with respect to the loan,Pomeroy's right to rescind the loan

• A)expires at midnight on the day the loan is finalized.
• B)is canceled immediately.
• C)is extended for up to three years.
• D)is tolled for the duration of the mortgage payments.

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Definitions:

Budget Constraint

A concept in economics representing all the combinations of goods and services that a consumer can afford given their income level and the prices of goods.

Opportunity Set

The range of options available for a person or organization to choose from, given their resources and constraints.

Income

Money received, especially on a regular basis, for work or through investments.

Monthly Income

The total amount of money earned or received by an individual or household within the span of a month.