According to the Truth in Lending Act, which of the following is the bank NOT obligated to inform you of? A.APY B.Interest calculating method C.APR D.Annual fee amount

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14-10-2016
Business

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According to the Truth in Lending Act, which of the following is the bank NOT obligated to inform you of? A.APY B.Interest calculating method C.APR D.Annual fee amount

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CharlieStryker CharlieStryker · Answer 1 · 2016-10-24T00:31:54+02:00

According to the Truth in Lending Act, which of the following is the bank NOT obligated to inform you of?

Answer: Out of all the options presented above the one that represents what banks are not obligated to inform you of is answer choice B) Interest calculating method. The reason being that the TILA does not tell financial institutions how much interest they may charge or whether they must grant a consumer a loan.

I hope it helps, Regards.

dubeyshailja64 dubeyshailja64 · Answer 2 · 2022-06-07T11:18:42+02:00

According to the truth in lending, Act bank is not obliged to inform about methods of calculating Interest, thus the correct answer is B.

What is a bank?

The bank is referred to as a financial institution that helps in depositing and borrowing funds with the purpose of investment and future saving. They help individuals to manage their wealth by offering various plans and schemes.

Truth in Lending Act safeguards from credit invoicing and unfair practices related to a credit card. it also provides information on loan costs to the lender. It encourages consumer to compare loans and credit cards from other companies.

Therefore, option B calculating the interest method is the appropriate answer.

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