Consumer Responsibilities Answers

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4

How is the interest rate on a payday loan calculated?

A
loan amount divided by total fees
B
total fees divided by loan amount
C
total fees divided by days of loan
D
APR divided by 365
5

Which option below is a preventive measure against ID fraud or theft?

A
Make purchases through the mail only.
B
Never reveal personal information to a stranger.
C
Carry personal information in your wallet or purse.
D
Use the phone to transfer personal information.

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