Finance
Under the Truth in Lending Act (TILA), what must a lender disclose to a North Dakota mortgage applicant?
AThe lender's profit margin on the loan
BThe Annual Percentage Rate (APR) and total finance charges✓ Correct
CThe names of all investors in the loan
DThe lender's reserve requirements
Explanation
TILA requires lenders to disclose the Annual Percentage Rate (APR), total finance charges, payment schedule, and other key loan terms to help consumers compare credit costs and make informed borrowing decisions.
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