The "Repo Man" Recently Repossessed Your Car for Failure to Make

question 57

Multiple Choice

The "Repo Man" recently repossessed your car for failure to make payments.You still owed $5,000 on the loan,but since it was always broken,you were glad to get rid of it anyway.The bank sold the car at a wholesale auction for $3,000.The bank also paid the "Repo Man" $200 and paid attorney fees of $300.Based on the deficiency payments clause in your loan,what are you liable for?

• A)$0;repossession means the bank must "eliminate" the debt
• B)$500
• C)$2,000
• D)$2,500
• E)None of the above

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Definitions:

Bootstrapping

A statistical method that involves resampling with replacement from a dataset to estimate the distribution of a statistic.

Original Data Set

The initial collection of data acquired before any manipulation, cleaning, or analysis has been conducted.

New Values

Refers to data points that have been introduced into a dataset or calculation, differing from previous values.

Bias

A systematic error or distortion in results or data, leading to incorrect conclusions, often caused by a preconception or prejudice.