Post Utme Unn 2024 Commerce Question 39

Practice objective / multiple choice question 39 from the 2024 Post Utme Unn Commerce examination.

Post Utme Unn 2024 Commerce Objective / Multiple Choice
Question 39 POST_UTME_UNN • 2024 • COMMERCE • objective

A bank is considering offering a new type of loan product to its customers. The loan product will have a variable interest rate that is tied to the prime lending rate. What is the most appropriate way for the bank to communicate the terms of the loan product to its customers?

Answer Options

Correct Answer A. The bank should provide a clear and concise explanation of the loan product's terms, including the variable interest rate, in the loan agreement.
B. The bank should provide a detailed explanation of the loan product's terms, including the variable interest rate, in a separate document that is provided to the customer.
C. The bank should not provide any information about the loan product's terms, as this is a matter of internal policy.
D. The bank should provide a summary of the loan product's terms, including the variable interest rate, in a brochure that is provided to the customer.
Correct Answer
A
Correct Option:
The bank should provide a clear and concise explanation of the loan product's terms, including the variable interest rate, in the loan agreement.

About This Question

This is Post Utme Unn 2024 Commerce Question 39. It is one of the objective questions from the 2024 Post Utme Unn Commerce examination.

View More Post Utme Unn 2024 Commerce Questions More Post Utme Unn Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support