In a Closed-End Credit Transaction

Multiple Choice

In a closed-end credit transaction:

A) the lender makes a series of loans with a maximum amount set before the first loan is made.
B) if the lender is offering a "teaser rate," this must be clearly disclosed.
C) the Federal Reserve Board should be consulted before a lender is chosen.
D) there is only one loan, and the borrower knows the amount and payment schedule in advance.