Match the following terms with their definitions.
-Rule of 78
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
Q52: Match the following terms with their definitions.
-Amount
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
Q58: Joanne Revis bought a home computer
Q59: Vicki King bought a Ford Explorer for
Q60: Calculate APR by table lookup (to
Q61: Calculate the finance charge:
Q62: Calculate APR by table lookup:
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