BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Credit Card Act of 2009
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Usury Law
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Truth in Lending Act
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Fair Credit Reporting Act
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Detailed explanation-1: -Credit card companies calculate finance charges in different ways that many consumers may find confusing. A common method is the average daily balance method, which is calculated as (average daily balance × annual percentage rate × number of days in the billing cycle) ÷ 365.
Detailed explanation-2: -Supply and Demand. Interest rate levels are a factor of the supply and demand of credit: an increase in the demand for money or credit will raise interest rates, while a decrease in the demand for credit will decrease them.
Detailed explanation-3: -Which of the following is true of the Truth in Lending Act? It protects natural-person debtors.
Detailed explanation-4: -Seniority indicates preference in position over other lenders. In the event of a default, holders of subordinated debt must give preference to other specified creditors.