Match the following terms with their definitions.
-Open-end credit
A) Total of all payments minus amount financed
B) Effective interest rate
C) A payment process
D) A revolving charge account
E) Sum of daily balance divided by number of days in billing cycle
F) Total of all monthly payments plus down payment
G) Used in calculation of average daily balance
H) Doesn't dictate interest rates
I) Cash price minus down payment
J) Used to calculate rebate of finance charge
K) Purchase till maximum credit reached
L) Initial cash payment
Correct Answer:
Verified
Q22: Given: $140.10 per month; cash price $5,600;
Q23: Mia Lane bought a high-definition television for
Q24: Most companies calculate the finance charge on
Q25: Match the following terms with their definitions.
-Finance
Q26: Jen purchased a condo in Naples, Florida,
Q28: Justin Chan bought a Scion car for
Q29: Open credit in a revolving charge plan
Q30: Ed Sloan bought a new Explorer for
Q31: Given a mortgage of $48,000 for 15
Q32: Match the following terms with their definitions.
-Revolving
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