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The annual percentage rate (APR) disclosed under TILA is best described as:
a.The same as the note interest rate
b.The interest rate plus the monthly principal payment
c.The cost of credit expressed as a yearly rate that includes interest and certain finance charges
d.The rate charged only if the borrower prepays the loan
Giải thích
TILA's APR expresses the total cost of credit as a yearly percentage rate, reflecting the interest rate plus certain finance charges such as points and some fees. It is generally higher than the note rate because of those added costs. It is not simply the note rate, nor a prepayment or principal-based figure.
Trích dẫn luật: TILA / Regulation ZLuyện miễn phí toàn bộ 400 câu hỏi — không cần đăng ký.
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