According to the Truth in Lending Act, which of the following is the bank NOT obligated to inform you of? A.APY B.Interest calculating method C.APR D.Annual fee amount

Question

jim_thompson5910 · Answer

I would think that it would need to inform you on the Interest calculating method and the annual fee amount

it would also have to inform you on the interest rate...the question is which one? APR or APY?

jim_thompson5910 · Answer

I'm not 100% sure, but I would think that because APY is larger than APR, this would mean that the bank would want to opt for disclosing the APR to make the loan look better on paper 

so my guess is that the APY isn't required to be shown

jim_thompson5910 · Answer

however, if this is for a savings account or something, then the bank will go for the APY (since it will have a higher interest rate number) to make it look better to customers