Schumer Box

According to the Schumer Box shown, what is the penalty APR for having a payment over 60 days late?

• 23.24%

• 0.00%

• 25.24%

• 30.24%

According to the Schumer Box, what will be your interest rate be based on after the introductory period?

• Credit score

• Current credit lines open

• Previous credit lines with this company

• Current reported income

Which of the following statements is true about this Schumer Box?

• The APR for a borrower will always either be 8.99%, 10.99% or 12.99%

• There is a permanent APR lower than 8.99%.

• A 14.99% APR begins after the introductory period ends.

• A borrower can never be charged more than a 14.99% APR.

Tags

EPF.MCM.3.1

EPF.MCM.3.2

S21178698

EPF.MCM.2.3

What is a Schumer Box?

• A tool for comparing credit card offers

• A type of ballot box used in elections

• A container for storing historical documents

• A method for organizing social studies notes

Who introduced the Schumer Box?

• Senator Chuck Schumer

• President George Bush

• Senator Elizabeth Warren

• Representative Nancy Pelosi

In which year was the Schumer Box introduced?

• 1988

• 2000

• 1995

• 2010

What is the primary purpose of a Schumer Box?

• To provide a clear summary of credit card terms

• To organize social studies curriculum

• To store voting records

• To display historical timelines

Which of the following is typically included in a Schumer Box?

• Annual Percentage Rate (APR)

• Historical events timeline

• Social studies syllabus

• Election results

How does the Schumer Box benefit consumers?

• By making credit card terms easier to understand

• By providing historical context

• By organizing social studies topics

• By simplifying election processes

Which legislation made the Schumer Box mandatory?

• Truth in Lending Act

• Civil Rights Act

• Education Amendments

• Voting Rights Act