Match the following terms with their definitions.
-Amount financed
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
Q47: Pete Size read the following partial advertisement:
Q48: Match the following terms with their definitions.
-APR
A)Total
Q49: Bill Moore bought a stereo selling for
Q50: Calculate average daily balance:
Q51: Joyce Reed bought a used Jeep for
Q53: Marika Katz bought a $7,000 computer.
Q54: Calculate the finance charge:
Q55: Mel Blanc bought a new dining room
Q56: Pete Sole bought a used car
Q57: Match the following terms with their definitions.
-Rule
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