TRUE/FALSE. Write T if the statement is true andF if the statement is false. 19) 19 Using the simple interest formula, the interest on a $1,000 loan at 5% interest for one year is $55. 20) When used effectively, credit can help a consumer have more and enjoy more. 21) A disadvantage of using credit is the convenience it offers when making a hotel 20) 21)_ reservation or renting a car. 22) 22) The least expensive loans (loans with low interest) are often provided by parents or other family members. 23) A credit card holder who pays the full balance during the grace period each month is 23) actually getting a free loan from the credit card company. 24) In the five Cs of credit, capital refers to the borrower's ability to pay additional debts. 24) 25) FICO and VantageScore are two scores used by creditors to predict how likely it is that 25) you will repay a loan. 27) The amount of interest paid on a bill is not related to the length of the loan. 28) The longer it takes for you to pay off a bill, the less interest you pay. 29)If you are a cosigner for a loan and the debt is not repaid, that fact wil appear on your 28) 29) credit report