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Show DESERET SAMPLER, Friday, April 3, 1970 I i - CERTIFICATE OF ACHIEVEMENT Captain Nicholas Nahas with Col Charles M. Shadle following Capt. Nahas receiving a Dugway Proving Ground Certificate of Achievement. Capt. Nahas was assigned as a Tech Operations Swifts Premium waN trimmed of excess bone and fat te give you more lean meat for your money. Truth in Lending Law - i WASHINGTON (AFPS) The Truth in Lending Law nukes it easier to know two of the most important things about the cost of credit: The finance charge. The annual percentage rate. Both die finance charges and die annual percentage rate must be displayed prominently on the forms and statements used by a creditor. Many of us know what interest is sis per cent per year for example. Lets suppose you borrow 100 for one year and pay six or $0 for that monper cent ey. If you have use of the entire amount for one year you are paying an annual percentage rate of six per cent. But if you repay die $106 in IX equal monthly installments, you do not have use of the entire amount for the full year. In fact,' over the entire year you have the use on the average of only about half the full $100. So the $6 charge for credit in this case becomes an annual percentage rate of 11 per cent. Some creditors levy a service charge or a carrying charge or some other charge instead of interest, or perhaps they may add these charges to the interest. Un-- 1 der the Truth in Lending Law they must now total all such charges, including the interest, and call the sum the finance charge. And then they must list the annual percentage rate of the total charge for credit. The Truth in Lending Law does not fix interest rates or other credit charges. Your state may have a law setting a limit on interest rates, which would still apply. Chances are, then, that if the monthly statements and other materials you receive from companies giving you credit look different now, it doesnt mean they've changed their rates, only their way of showing them to comply with the Truth in Lending Law. Your department store bills, for example, should now list both a monthly rate (for example, one per cent, 1U per cent, or some other number) and the annual per centage rate. This may be 12 per cent, 18 per cent or some other percentage, but it will usually be 12 times the monthly rate. The law also gives a new look to the advertising of credit terms. It says that if a business is going to mention one feature of credit in its advertising, such as the amount of down payment, it must mention all other important terms, such as the number, amount, and period of payments that follow. If an advertisement states Only $2 down, it must also state, for example, that you will have to pay $10 a week for the next two years. Here again, the intent is to provide you with. full information, so that you can make1 informed decisions. g 59 jj FRYER CHUCK STEAK TENDER RIB STEAK TOILET TISSUE . . . 98' f Albertson's Grade SKIPPY DOG FOOD 10 liE TOMATO JANET JUH JANET IEE DETERGENT ! ASST. FMIIT DRINKS S VEGETABLE JUICE GRAPEFRUIT JUICE Sharer's CANNED SPAGHETTI DEL CELERY lft-Gro- NOW No. JUMBO No. ROSES 89e RED LEAF LETTUCE NAVEL ORANGES CLOVER CLUB 1 ROSES 10 sal. ROMAINE LETTUCE Number Spe- f DOUBLE LUCK GR; JANET LEE SPINACI . PFC Roger Ferch receives his cialist Four stripes from Capt Richard Ilaley, 111IC CO. 57 JANET LEE PEACHD JANET LEE DICED 8 NIBLETS GOLDEN, i Lee One other important provision of the law is designed for your protection in case your home is used as collateral in a credit transaction. This frequently occurs when you are having a major repair or remodeling job done on your home. Now, when you enter into a credit transaction in which your home is used as collateral, the law gives you three business days to think about it and to cancel the transaction during that period if you wish. The creditor must give you written notice of your right to cancel, and if you decide to cancel the transaction, you have to notify him in writing. Under this right of cancellation, the contractor cannot start work until the three days are up. You may give up your right to cancel and get the work started within the three-da- y wait, if you notify the contractor in writing that you face a real financial emergency and need the credit immediately to finance repairs necessary to avoid danger to you, your family, or your property. lb. A 1 FRUIT COCKTAIL APPLESAUCE BUSHES A. srr n FRYER THIGHS 38 ROSE CONGRATULATES LEGS 1.09 1 1.39 2 2 8 rr2929' QQ Caramel CornO 88' MONTE PINEAPPLE FlU YOUR FREEZER, Mortonf Frozen FROZEN MEAT P FROZEN VEGETA PILLSBURY or HARDY WATI BALLARD BISCUITS Tube For . 11 SOFTENER SA 50-L- Bag . |