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Question
The annual percentage rate (APR) may be calculated with tables provided by the Federal Trade Commission.
FALSE
To help consumers know the truth about the cost of borrowing money, Congress passed the Truth-in-Lending Act. Under this act, lenders must disclose two important things to borrowers: the finance charge (the actual cost of the loan in dollars and cents) and the annual percentage rate (APR) (the true rate of interest of the loan).
Answer
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Related questions
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