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Author Question: The Trimbles apply to Community Bank for an installment loan of 20,000 to remodel their bathroom. ... (Read 152 times)

washai

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on: Jun 24, 2018
The Trimbles apply to Community Bank for an installment loan of 20,000 to remodel their bathroom. Discuss the disclosures Community Bank is required to make.

Question 2

The European Court of Justice consists of 15 justices appointed by the Council of the European Union and has original jurisdiction over private disputes.
  Indicate whether the statement is true or false


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helenmarkerine

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Reply #1 on: Jun 24, 2018
Answer to Question 1

The Truth in Lending Act will apply to this loan since it is a consumer loan, it will be repaid in more than four installments or has a finance charge, the loan is for less than 53,500, and is made by someone in the business of offering credit. All loans regulated by the TILA must have clear disclosures in a meaningful sequence. Also, the lender must disclose the amount financed, the total amount the consumer will have paid by the end of the loan, the finance charge (the amount in dollars the consumer will pay in interest and fees over the life of the loan) and the annual percentage rate (the actual rate of interest the consumer pays on an annual basis).

Answer to Question 2

FALSE


washai

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Reply 2 on: Jun 24, 2018
Thanks for the timely response, appreciate it

peter

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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