Exam 5: Consumer Credit: Advantages, Disadvantages, Sources, and Costs

If Vince charged $200 on his credit card with 18% APR and he paid his balance in full within the grace period, how much was he required to pay?

A direct loan for personal purposes, home improvements, or vacation expenses is called

Which of the following is the best scoring technique used in credit applications for consumers with limited credit histories?

Before buying goods and services on credit, a consumer should consider all of the following except

Molly purchased a $1,500 dishwasher from Best Appliances. She will make 12 equal payments over the next year to pay for it. She is using

The minimum monthly payment on a credit card is

The add-on interest calculation uses this formula: Interest = Principal × Rate of interest × Time.

FICO and VantageScore are two scores used by creditors to predict how likely it is that you will repay a loan.

The Truth in Lending Act requires that open-end creditors explain how they calculate the finance charge.

A credit file can include your spouse's name and Social Security number.

Which of the following is an example of open-end credit?

Perhaps the greatest disadvantage of using credit is

Interest paid on a credit card is tax-deductible.

When evaluating your credit application, a lender may NOT

Which of the following items should be shredded to protect yourself from identity theft?

If you purchase something with a credit card, the finance charges you pay on an item could end up being more than the item is worth.

You have a legal right to sue a credit bureau if you observe an error in your file.

A trade-off of using credit is that it increases the amount of money that will be available to spend in the future.

In the five Cs of credit, conditions refer to what will happen if the borrower does not repay the loan.

If you want to file a complaint against a bank in connection with any of the consumer credit protection laws, you