Which of the following methods of calculating interest results in the lowest interest charges?

Select one:

a.

Simple interest

b.

Effective interest

c.

Add-on interest

d.

Annual percentage rate or APR

On a fixed-rate mortgage, the monthly

Select one:

a.

payment remains constant and the interest rate stays the same.

b.

payment remains constant until the balloon payment.

c.

payment remains constant and the interest rate fluctuates.

d.

a reduction in interest rates shortens the amortization period.

Which of the following is true about credit bureaus in Canada?

Select one:

a.

Lenders may access your credit information without your permission.

b.

There are two federally appointed credit bureaus in Canada.

c.

Lenders may use more than one credit bureau for information.

d.

It is impossible to have a better credit score at one bureau than the other.