Asked by Chris Gladden on May 29, 2024
Verified
According to the Truth in Lending Act,credit card applications must include ________.
A) the annual percentage rate (APR)
B) annual fees
C) the grace period for paying without a finance charge
D) the annual percentage rate (APR) ,annual fees,and the grace period for paying without a finance charge
E) the annual percentage rate (APR) and the annual fees,but not the grace period for paying without a finance charge
Annual Percentage Rate (APR)
The annual rate charged for borrowing or earned through an investment, which reflects the actual yearly cost over the term of a loan.
Grace Period
A set period after a payment due date during which a late fee or other penalty for late payment is waived.
- Elucidate the entitlements and responsibilities of consumers as per the Truth in Lending Act.
Verified Answer
SA
Sarosha AzizaliMay 30, 2024
Final Answer :
D
Explanation :
The Truth in Lending Act requires credit card applications and solicitations to include the annual percentage rate (APR),annual fees,and the grace period for paying without a finance charge.
Learning Objectives
- Elucidate the entitlements and responsibilities of consumers as per the Truth in Lending Act.