Adequately disclose the real effective interest rate on loan

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Reference no: EM131749802

A bank offers a fixed rate mortgage but does not adequately disclose the real effective interest rate on the loan. Jerry enters into one of these mortgages with the bank. If either Jerry or the bank want to cancel the mortgage after it has been entered into will, neither, either or both of them be able to do so. The disclosure was put into law to protect the customer.

Reference no: EM131749802

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