Match the following terms with their definitions.
-Down payment
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
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Q32: Match the following terms with their definitions.
-Revolving
Q33: Given the following:
Q35: The APR represents the:
A)Stated rate of interest
B)True
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