Describe the four major parts of a typical loan contract
What will be an ideal response?
Answer: The loan contract will contain an insurance agreement clause which requires you (the borrower) to purchase credit life insurance to pay off the loan in the event of your death. An acceleration clause states that if you miss one payment, the entire loan comes due immediately. Usually, however, the lender will give you some time to catch up on the payments. The deficiency payments clause requires that if you default on a secured loan, not only can the lender repossess whatever is secured, but if when that asset is sold it does not cover what you owe, you can be billed for the difference. A recourse clause defines what actions a lender can take to claim money from you in case you default on the loan.
You might also like to view...
Auditing standards require the auditor to identify and assess the risks of material misstatement due to fraud at the financial statement level only
a. True b. False Indicate whether the statement is true or false
Which of the following statements is true about cohort analysis?
A) A cohort is a group of respondents who experience the same event within the same time interval. B) It is unlikely that any of the individuals studied at time one will also be in the sample at time two. C) The term cohort analysis refers to any study in which there are measures of some characteristics of one or more cohorts at two or more points in time. D) All are correct.
Describe TCP/IP along with its primary purpose.
What will be an ideal response?
Increase in ice cream consumption during the summer months is an example of ______.
A. predictable variations B. random variations C. irregular variations D. abnormal variations