RESOURCES Multiple Choice Question S9 Unit 4 Lab Assignment Which of the followi

Question

RESOURCES Multiple Choice Question S9 Unit 4 Lab Assignment Which of the following statements is true of annual percentage rate (APR O me Truth in Savings Act and Truth in Lending Act require by law that the APR be dsclosed on all consumer loans and savnes plans. O The annual percentage rate (APR), and not the effective annual interest rate (EAR), represents the true economic interest rate O The Truth-in-Savings Act was passed by Congress to ensure that the true cost of credit was disclosed to consumers ? The truth.intending Act nos passed to provde consumers an accurate estimate of the return they would earn on an investment.

Explanation / Answer

Select - A : is the correct statement.

Both TISA and TILA apart from many other regulations requires financial institutions to discolse the APY in documents shared with consumers.

Statement - B is false.

Statement - C and D are interchanged, so will be wrong statements.

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