t or f if false why?
1.net income is the amount of moneytou expect to recieve after paycheack deductions
2.tax returns should be kept for 3 years
3.if your ATM card is stolen, u are liable for no more than $50 of frudulent usage, as long as u report it stolen within 7 days.
4.priciple is the term for the amount of interest that has been paid on the original amount of a loan.
5.secured credit is backed by a plege of property.
6.credit cards provide open end credit.
7. credit allows u to use goods and services before u have paid for them.
8.credit encourages overspreading.
9. a cosigner is a bissiness or organization thats extends credit to individual.
10.general perpose cards can only be used at a single retailer.
11.cange cards allow consumers to use revolving credit
14. if i except to carry over a balance on your credit card account, u should search for a low interest rate.
15.the truth lending act outlines procedures for settling credit card billing disputes.
16 it’s ussually more expensive to obtain a loan froma consumer finance company than form a bank.
17 pawnbrokers hold valu items in exchange for use of money.
18.a balloon payment refers to fees that are added to an installment plan that have the effect of increasing you mounthly payment
19. the acceleration clause of some installment contracts states that if a sigle payment is missed the merchant can demand payment in full immedetly.
Dennis
Annette
1 true,
2. false (7 years)
3. idk
4.false (principle is the amount of the loan)
5. true
6. false (they have a cap or limit)
7. true
8. true
9. false (cosigner is an individual who is on your loan with you .. a “Co-debtor”)
10. false (they can be used anywhere)
11. IDK
14. true
15. false (requires loan instutitutions to fully disclose their terms before you accept the loan)
16.true
17. true
18. false. (reduces monthly payment but requires a large final payment when the term expires)
19. IDK