Exam 6: Consumer Purchasing Strategies and Wise Buying of Motor Vehicles

If creditors add finance charges after subtracting payments made during the billing period,this is called the previous balance method.

Both consumer proposals and declarations of insolvency through an assignment in bankruptcy are considered an easy way out of debt.

If you default on your automobile loan,

A maximum 5-year plan for paying creditors all or a portion of outstanding debt is referred to as a consumer _______________________.

Obtaining credit may be easier for people who file a bankruptcy rather than a consumer proposal.

What is monthly payment for a $25,000 amortized loan to purchase a car payable over 5 years at an annual interest rate of 12%?

Which of the following offer the least expensive loan?

Inflation increases the purchasing power of money.

Lines of credit usually charge a variable interest rate,tied to the lender's prime rate.

There are no costs involved in filing for a bankruptcy or submitting a consumer proposal.

Obtaining credit may be easier for people who file a consumer proposal rather than a bankruptcy.

After you have selected a product,you should buy it immediately before the store runs out of it.

Credit card cobranding has become popular with banks and industries.

If you have trouble paying your bills,

If you borrow $100 at 12 percent annual interest and repay it in one lump sum at the end of one year,you will have to pay

You have two choices in declaring personal bankruptcy: A consumer proposal or declaration through an assignment in bankruptcy.

If a bank charges you interest up front then this loan is called a _________ loan

Which of the following may indicate potential debt problems?

Which of the following financing methods provides a float period?

You can often obtain medium-priced loans from banks,trust companies,and credit unions.