James, an American, Will Be Most Likely Considered as an Adult

question 8

Multiple Choice

James, an American, will be most likely considered as an adult by his peers and community when he ________, whereas Nirmal, who lives in Bangladesh, will be most likely considered as an adult by his community when he ________.

• A) moves out of the house; graduates from college
• B) gets a full-time job; gets married
• C) turns 21; becomes financially independent
• D) gets married; buys his first home

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Definitions:

Credit Terms

The conditions, including repayment period and interest rates, under which credit is extended by a lender to a borrower.

Credit Extended

Credit extended refers to the amount of credit or loan a lender provides to a borrower, allowing them to purchase goods or services on credit.

Discount

A reduction in the price or value of a product, security, or bond below its nominal or face value, often to encourage sale or investment.

Break-Even Default Rate

The default rate at which the expected return from a loan equals the cost of the loan, resulting in no profit or loss.