Finance
The Truth-in-Lending Act (TILA) requires lenders to disclose which key information to borrowers?
AThe appraised value of the property
BThe annual percentage rate (APR) and total cost of credit✓ Correct
CThe seller's mortgage payoff amount
DThe property tax assessment history
Explanation
TILA (Regulation Z) requires lenders to disclose the annual percentage rate (APR), finance charges, total amount financed, and total payments. The APR includes the interest rate plus other loan costs, giving borrowers a true cost comparison.
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