What are consumer finance companies? 1) Groups or individuals that lend money at high interest rates in return for goods as collateral 2) Cooperative agencies organized by consumer for the purpose of saving and borrowing at competitive rates 3) State-licensed firms that make installment cash loans to customers 4) State-licensed institutions that make high-interest installment loans to customers for a variety of goods 5) Federally or state-licensed organizations that make fairly competitive loans for a variety of consumers
What are consumer finance companies? 1) Groups or individuals that lend money at high interest rates in return for goods as collateral 2) Cooperative agencies organized by consumer for the purpose of saving and borrowing at competitive rates 3) State-licensed firms that make installment cash loans to customers 4) State-licensed institutions that make high-interest installment loans to customers for a variety of goods 5) Federally or state-licensed organizations that make fairly competitive loans for a variety of consumers
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:What are consumer finance companies?
1)
Groups or individuals that lend money at high interest rates in return for
goods as collateral
2)
Cooperative agencies organized by consumer for the purpose of saving and
borrowing at competitive rates
3) State-licensed firms that make installment cash loans to customers
O4)
State-licensed institutions that make high-interest installment loans to
customers for a variety of goods
5)
Federally or state-licensed organizations that make fairly competitive loans
for a variety of consumers
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