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The Truth in Lending Act of 1968 mandates banks quote loan rates as an __________ which effectively __________ the true cost of the loan if the compounding frequency is more than one time a year.
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The Truth in Lending Act of 1968 mandates banks quote loan rates as an __________ which effectively __________ the true cost of the loan if the compounding frequency is more than one time a year.

User EliteTUM
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Answer:

Annual percentage rate; understate

Step-by-step explanation:

The Truth in Lending Act (TILA) protects you against inaccurate and unfair credit billing and credit card practices. It requires lenders to provide you with loan cost information so that you can comparison shop for certain types of loans.

User Suge
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