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finance charges are imposed on unpaid balances each month. To determine the monthly finance charge rate, the annual rate is divided by 12

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14y ago

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How is your credit score computed?

Credit scores are personal information. If you can tell me how your credit score is computed then I will tell you how my credit score is computed. Okay?


A law that establishes a maximum interest rate for credit transactions of 24 percent is it substantive or procedural law?

a law that establishes a maximum interest rate for credit transactions of 24 percent


Explain why consumer credit can be costly?

consumer credit can be costly because when you used someone else money you have to pay interest


Does it boost your credit rating if you pay for a new car in full?

Cash transactions do not normally have any effect on a consumer's credit rating.


Of the available sources of the consumer credit which tends to have the highest interest rate?

Many types of consumer credit are available which have high interest rates. The ones which tend to have the highest interest rates are what are known as payday and title loans.


What are the charges for credit card transactions?

The charges for credit card transactions typically include interest rates, annual fees, late payment fees, and foreign transaction fees.


What does the Bureau of Consumer Credit Protection do?

The primary responsibility of the bureau is to implement the Maine Consumer Credit Code. The code requires the bureau to promote the development of equitable consumer credit practices; to promote competition among credit grantors, to assure that the regulation of consumer credit transactions in Maine conforms of the policies of the federal Truth in Lending Act.


What are the interest rates on credit card?

Interest Rates on credit cards, comes from banks or credit union that provides to the consumer borrowed money, this over a period of time that the money is borrowed. When the consumer has not paid back the borrowed money in the time that was agreed, then occur a calculation of the interest base on the credit of the consumer ( or card holder) and this represent the bankers profit. Interest rates can vary from 7 to 35%. This Interest Rate is an annually basis or APR and this fee is for the privilege of borrowing money


How debit and credit related to transactions?

A debit is taken straight from the money you have in your bank account. A credit is taken, then the cost billed to you. With a debit, you pay now with no interest. With a credit, you pay later with possible interest added to it.


A law that establishes a maximum interest rate for credit transactions of 24 percent substantive or procdural?

substantive law


Which debts should be paid off first?

For consumer debts, credit cards. Highest interest.


What keeps business cycle going?

Investment, interest rate and credit, consumer expectations, external shock