The Federal Truth-in-Lending Act (TILA) defines the annual percentage rate (APR) as:
a. the total of only the direct costs of credit paid by a borrower.
b. the total of all costs which the borrower needs to pay in order to get the loan.
c. the relative cost of credit expressed in percentage terms.
d. the difference between the 10-year Treasury Note and the 3-month Treasury Bill.
Answer: c. the relative cost of credit expressed in percentage terms.
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Adjusting entries may involve any account, including Cash
Indicate whether the statement is true or false
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