Question 7. Which of the following lending sources provide the best interest rates on loans?

AE. Commercial banks

AF. Credit unions

AG. Savings and loans

AH. Life insurance companies

AI. No one source is better than another because in todays society the best lending source depends on the particular familys situation

Question 8. The Fair Credit Reporting Act provides which of the following remedies if the applicant is turned down?

AJ. The right to inspect the credit report and receive detailed explanations

AK. The right to remove all negative comments

AL. The right to collect for damages to a persons reputation

AM. All of the above

AN. None of the above

Question 9. Which of the following are categories of credit?

AO. Sales credit

AP. Single cost credit

AQ. Add-on credit

AR. Cash credit

AS. Both A and D

Question 10. Which of the following types of sales credit does not offer the potential of no-finance charge?

AT. Thirty-day, or regular charge accounts

AU. Revolving and optimal charge accounts

AV. Installment purchases or time payment plans

AW. All of the above offer potential of no finance charge

AX. None of the above offer potential of no finance charge

Question 11. If the number of payments and loan duration are the same, which type of interest calculation method would have an effective interest rate higher than the nominal rate?

AY. Add-on

AZ. Simple interest

BA. Bank discount

BB. Compound interest

BC. Both A and C

while solving dont write any detail explaination just write tye correct answers in one word plz try to solve every question