Describe the three Cs of credit and why lenders feel they are important in evaluating a loan request. Then list five steps you can take to begin a credit record.
Answer to relevant QuestionsWhich method for determining the outstanding balance on a revolving credit account is likely to determine the lowest outstanding balance? Which method is likely to determine the highest outstanding balance? Why should you be particularly concerned about the following items? a. The rule of 78 b. The acceleration clause c. The add-on clause d. A balloon payment Explain why home equity loans have become an important source of consumer credit. What requirements must a warranty satisfy before it can be labeled full? How do these differ for a limited warranty? 1. Using a new-car price of $20,000 and assuming the market value will depreciate by 50 percent over the next four years, calculate the annual cost of depreciation given her present buying habits. Now calculate the annual ...
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