American_Bankers_Association
CTFA · Question #313
These are additional charges you may owe if you decide to pay off your loan prior to maturity. What are these?
The correct answer is A. Prepayment penalty. See the full explanation below for the reasoning.
Fiduciary and Trust Activities
Question
These are additional charges you may owe if you decide to pay off your loan prior to maturity. What are these?
Options
- APrepayment penalty
- BLoan rollover
- CLoan disclosure
- DLoan repayment
How the community answered
(26 responses)- A81% (21)
- B12% (3)
- C4% (1)
- D4% (1)
Topics
#prepayment penalty#loan terms#early payoff#consumer lending
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