Question
In: Finance
Explain the intent of the Truth in Lending Act. What is the difference between the finance...
Explain the intent of the Truth in Lending Act. What is the
difference between the finance charge and the APR? please help!
thank you
Solutions
Expert Solution
The intent of truth in lending act is to protect consumers in their transactions with lenders and creditors.The Truth In Lending Act(TILA) is a federal law that was enacted in 1968.The act mainly deals with disclosure of information with regard to the Annual percentage rate and the total borrowing cost (finance charge).
Annual Percentage Rate(APR)
Annual Percentage rate refers to the annual rate of interest that the borrowers are charged or the interest earned by the depositors on their deposits..It is expressed as an interest rate.APR is used in mortgages credit cards car loans etc.
Finance Charge
From a personal finance perspective ,finance charge refers to the fee charged for utilizing credit or extending the credit.Finance charge allows lenders to make a profit on the credit they provide.It is often expressed as a dollar amount.It is often the combination of the cost of the credit along with the transaction fee the account maintenance fee and late fee if applicable.
jeff jeffy answered 1 year agoRelated Solutions
Explain the intent of the Truth in Lending Act. What is the difference between the finance...
Explain the intent of the Truth in Lending Act. What is the
difference between the finance charge and the APR?
What are the two changes incorporated in the Truth-in-Lending Simplification Act that makes it different from...
What are the two changes incorporated in the Truth-in-Lending
Simplification Act that makes it different from the
Truth-in-Lending Act?
Suppose that, prior to the passage of the Truth in Lending Simplification Act and Regulation Z,...
Suppose that, prior to the passage of the Truth in Lending
Simplification Act and Regulation Z, the demand for consumer loans
was given by Qdpre-TILSA = 14 -90P (in billions of dollars) and the
supply of consumer loans by credit unions and other lending
institutions was QSpre-TILSA = 6 + 70P (in billions of dollars).
The TILSA now requires lenders to provide consumers with complete
information about the rights and responsibilities of entering into
a lending relationship with the institution,...
Suppose that, prior to the passage of the Truth in Lending Simplification Act and Regulation Z,...
Suppose that, prior to the passage of the Truth in Lending
Simplification Act and Regulation Z, the demand for consumer loans
was given by Qdpre-TILSA = 14 -90P (in billions of dollars) and the
supply of consumer loans by credit unions and other lending
institutions was QSpre-TILSA = 6 + 70P (in billions of dollars).
The TILSA now requires lenders to provide consumers with complete
information about the rights and responsibilities of entering into
a lending relationship with the institution,...
Suppose that, prior to the passage of the Truth in Lending Simplification Act and Regulation Z,...
Suppose that, prior to the passage of the Truth in Lending
Simplification Act and Regulation Z, the demand for consumer loans
was given by Qdpre-TILSA = 10 -80P (in
billions of dollars) and the supply of consumer loans by credit
unions and other lending institutions was
QSpre-TILSA = 4 + 80P (in billions of
dollars). The TILSA now requires lenders to provide consumers with
complete information about the rights and responsibilities of
entering into a lending relationship with the institution,...
Suppose that, prior to the passage of the Truth in Lending Simplification Act and Regulation Z,...
Suppose that, prior to the passage of the Truth in Lending
Simplification Act and Regulation Z, the demand for consumer loans
was given by Qdpre-TILSA = 6 -100P (in billions of dollars) and the
supply of consumer loans by credit unions and other lending
institutions was QSpre-TILSA = 5 + 100P (in billions of dollars).
The TILSA now requires lenders to provide consumers with complete
information about the rights and responsibilities of entering into
a lending relationship with the institution,...
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