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If a person has $1,000 in a savings account and earns $20 a year in interest on that account, the rate of return on the money is close to
Interest rate expressed as a percentage
The annual percentage rate (APR), and/or the finance charge
Finance charge
Compounded interest
Notify the lending institution about state usury laws.
Credit unions
A long-term, fixed rate certificate of deposit
2%
The cost to use someone else's money for a period of time is called the:
Interest rate expressed as a percentage
The annual percentage rate (APR), and/or the finance charge
Finance charge
Compounded interest
Notify the lending institution about state usury laws.
Credit unions
A long-term, fixed rate certificate of deposit
2%
Interest earned on interest is known as:
Interest rate expressed as a percentage
The annual percentage rate (APR), and/or the finance charge
Finance charge
Compounded interest
Notify the lending institution about state usury laws.
Credit unions
A long-term, fixed rate certificate of deposit
2%
The amount a lender charges to borrow money is called the:
Interest rate expressed as a percentage
The annual percentage rate (APR), and/or the finance charge
Finance charge
Compounded interest
Notify the lending institution about state usury laws.
Credit unions
A long-term, fixed rate certificate of deposit
2%
Which type of financial institution usually pays the highest rate of interest on savings account balances?
Interest rate expressed as a percentage
The annual percentage rate (APR), and/or the finance charge
Finance charge
Compounded interest
Notify the lending institution about state usury laws.
Credit unions
A long-term, fixed rate certificate of deposit
2%
Lamar believes that interest rates are going to fall in the near future and remain low for a considerable period of time. She should invest in:
Interest rate expressed as a percentage
The annual percentage rate (APR), and/or the finance charge
Finance charge
Compounded interest
Notify the lending institution about state usury laws.
Credit unions
A long-term, fixed rate certificate of deposit
2%
The information that a lender must disclose to consumers applying for a cash loan is
Interest rate expressed as a percentage
The annual percentage rate (APR), and/or the finance charge
Finance charge
Compounded interest
Notify the lending institution about state usury laws.
Credit unions
A long-term, fixed rate certificate of deposit
2%
What should a person do when he believes he is being charged too high a rate of interest for a loan by a lending institution?
Interest rate expressed as a percentage
The annual percentage rate (APR), and/or the finance charge
Finance charge
Compounded interest
Notify the lending institution about state usury laws.
Credit unions
A long-term, fixed rate certificate of deposit
2%
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