Lorna Borrows $175,000 from Mountainside Credit Union to Buy a Home.Among

question 21

Multiple Choice

Lorna borrows $175,000 from Mountainside Credit Union to buy a home.Among the terms that must be disclosed under federal law is the annual percentage rate.This is

• A)the actual cost of the loan on a yearly basis.
• B)the average prime offer rate.
• C)the interest rate at which the loan is made.
• D)the loan principal.

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