High Point Enterprise Newspaper Archives May 5 1974, Page 83

Low-resolution version. To view a high quality image

Start Free Trial
High Point Enterprise (Newspaper) - May 5, 1974, High Point, North Carolina Of \ a i i % f High Point Enterprise sunday May 5, lf74 Hernance amp Oye doubts truth n lending miss Horne engaged by Sidney Margolius women i Newt service new York was a woman who works for a National finance company challenges our advice that buyers ask the a annual percentage rate apr before they sign a loan or instalment agreement. A spotting your article my first thought was Good Here at last is someone explaining to the family Borrower the very confusing truth in lending Law a Maria f. Mooney writes. A but i feel you failed like so Many others. A through experience for the last four years with the Law i have come to the conclusion that truth in lending should be modified. For example or. Smith contacted me saying he wants to pay off his account because . Beauticians set motivational seminar monday fifty North Carolina beauticians and Beauty College instructors will meet in High Point on monday for a motivational seminar. Sponsored by Carolina Beauty systems the seminar will be led for the second consecutive year by Nido r. Qubein. Qubein whose daily human relations radio program is heard in More than a Hundred cities plans to motivate the group to seek and receive from life positive criteria for effective living according to Jill Trotman seminar coordinator. The seminar will meet at the Holiday inn downtown at 2 . Comer Tompa Oeub Flowers similar to the one the Bride carried in her wedding decorated the top tier. Lighted candles and mixed Spring Flowers completed the table decorations. After the Newl de couple Cut the first slice of their cake mrs. Sidney Lenger completed cutting and serving. Also assisting with serving were mrs. C. 0. Nash and mrs. David Sheppard. Program plans announced members of the High Point woman a club Fine arts dept will meet on Friday at noon with mrs. W. W. Raper of 901 Croydon. The program will be presented by Carlos Bonitos puerto rican classical guitarist. mall Hall Nark a Over 5000 paperback a books unusual a ntat10er y a wide selection a he was he believed he was charged Only 6 per cent per year. But now Reading his contract Over again he finds he signed the contract for 11.08 per cent. That is the apr for a three year contract a the is highly upset and no matter How hard i try to convince him that 11.08 apr is the same As 6 per cent add a on he does not comprehend. A truth in lending is a Long overdue disclosure and protective Law. But it will be a Long time or perhaps never until the Borrower asks what apr actually is being charged. But he does ask and does know the meaning of 6 per cent add on a is. Mooney we done to want to fail you and done to even like differing with you. We understand the problem you Are having but feel it gradually will be solved. We Are always optimistic about other Peoples problems but we think you have proved our Point. Before enactment of the truth in lending Law millions of or. Smiths never realized what annual interest rate they did pay. Different lenders and Sellers would state their charges in different ways. These tended to minimize the True annual rate and also were difficult to compare. For example for $100 of credit for one year a banker would Tell you and orally still May that the charge is �?o$7 this Means you sign a note to repay $100 but get just $93 in your hand. A finance company or car dealer would and still May quote �?o$8 add this Means you must repay $108 for $100 of credit. An appliance dealer May say a $10 add a department store May quote a fee of $8.23 for a Book of $100 Worth of coupons that you can spend like Cash in any department. You pay Back $108.25. A credit Union May say that you pay i per cent a month on your declining balance the amount remaining unpaid at the end of each month. A store May charge 12 per cent a month on the declining balance of a a a budget or a Junior charge account. A Small loan company May quote 3 per cent a month. Now All dealers and lenders must reveal the annual percentage rates. Thus borrowers have a uniform yardstick for comparing finance charges and also for deciding whether they can save by using their own savings. The borrowers can see for example that when a Bank says it charges a a a discount of $7 per $100, this really is an annual rate of almost 14 per cent. The reason Why the True annual rate is about twice the Dollar rate per $100 of the original balance is that you Are paying Back meanwhile and Over the life of the loan you really owe Only about half the original amount. Thus on a debt of $100 repaid monthly Over 12 months your average debt is Only $54. A charge of �?o$7 per $100�?� would be an annual percentage rate of about 13 per cent on that average debt. The borrowers also can see that a finance charge of $12 per $100 on a used car or household appliance is about 23 per cent annually that a a service charge of Ivi per cent a month on a a a revolving or a a budget charge account is the equivalent of 18 per cent a year that a Small loan company a �?o3 per cent a month is really an annual rate of 36 per cent no less. While the annual rate must be stated in the contract some dealers and lenders May not reveal it until they give you the contract to sign. For purposes of comparison shopping credit it is important to ask the annual percentage rate beforehand. To Henri e. Grenon or. And mrs. James Lewis Home of 602 Shamrock re. Announce the engagement of their daughter Nancy Elaine and Henri n. Grenon of 2 Oak pl., Massapequa Long Island . The future bridegroom is the son of mrs. Victor e. Grenon of 276 Lincoln St., Worcester mass., a and the late or. Grenon. Miss Horne and or. Grenon will marry on june 22 at Brentwood presbyterian Church. Miss Home was graduated from new Hanover High school in Wilmington and received an associate degree in nursing from ung Wilmington. She is employed As an . At North Carolina memorial Hospital in Chapel Hill. Or. Grenon was graduated from Assumption preparatory school and attended Worcester Junior College Bryant College in Providence r.i., and Germain school of photography ., where he was graduated in 1969. He is employed As a portrait photographer and is new York manager of am Pix inc. He is a member of the new York society of professional photographers. Berries from Page 17b Teaberry punch a i quart water 1/3 cup instant Tea or 12 Tea bags i a cups Light Corn syrup 1 quart cold water 2 cans 6 ounces each Frozen Lemon juice 2 cups Cranberry juice 2 bottles i pint 12 ounces each Ginger ale bring i quart water to boil in Saucepan. Remove from heat immediately add Tea. Of Tea bags Are used let stand 4 minutes remove Tea bags. Stir Light Corn syrup into hot Tea. Pour i quart cold water into punch bowl. Add Tea mixture Lemon juice and Cranberry juice. Chill. Add Ginger ale just before serving. Makes about 5 quarts or 26 4 cup Servings. Note if sweeter punch is desired increase Light Corn syrup to 2 cups. Lemonade punch i can 6 ounces Frozen unsweetened Grapefruit juice reconstituted i can 6 ounces Frozen lemonade reconstituted 1 cup Light Corn syrup 2 bottles 7 ounces each Ginger ale chilled ice cubes mix together Grapefruit juice lemonade and Corn syrup chill. Before serving add Ginger ale and ice cubes. Makes 2 a quarts. From Kasper mid calf skirts Slouch jackets full backed Coats and the Che Misier dress Are some of the features of the Joan Leslie fall collection by Kasper shown this week in new York. This ensemble includes a Grey Wool skirt Cape and Vest and a rust red shirt. Page Gre Csc ssh ii avg Coio a if a cd Dies dad in car die , roses a go a a �00 ale Auto a try. Cinders i Koht so fides. Of sweat i Peppe. Uts Uble cloths cefvtc�.iaieee3 Nous \0oobo . To. Nov of to of a look Fen Sot 1000 a Kin. R. 3ob of is s 4 the braided Rug Story by a. Leon Capel the first rugs used by the Early settlers to cover the cracks in their log Cabins Wert tor end Deer skins. But then of now the women wonted to brighten up their Homes. So they began to Plait strips of coloured cloth of anything on hand to Toke the place of the skins. Thus the first Rug. Or. Copes started manufacturing braided rugs in 1917. We now offer the largest selection of braided rugs from Wool cloth soft Chenille Nylon Ond Mony other fibres. There Ore Over 70 color combinations. Copers International division now offers o Complete line of area rugs both modern and Early american. Finland Holland Scotland Portugal Greece England and Japan Ore represented. You Are cordially invited to visit our outlet store in Troy and shop our Large selection. Remember Capel products Ore guaranteed. Our gift to you our gift to you free foam padding with the Purchase of a first Quality 6x9 Rug and up approx. 9x12 29.95 oct Ami rican braids 9 styles 62 color combinations american area rugs 4 styles 26 color Emow notions. Early american accessories chair seats a imported braids 4 Sale 24 color combinations a imported area rugs is styles 63 color combinations a antique furniture Stair treads Oriental rugs 2 styles 8 patterns 19 color combino Ioni close outs Ano discontinued patterns 30% a 40% off open every Day except sunday 10-12 am 2-5 pm Markey fabrics inc. Eastgate shopping Center at 5 Points tel. 886-4050 anniversary Sale one week a starts monday our entire Stock of polyester double knit on Sale. Bobbie Brooks Kew to Mich Point from exquisite line of i Bobbie Brooks fashions. Beautiful Jacquard and perfectly matched i solids. 60�?� wide. Machine washable. All on j bolts. Reg. $5 i i week a uni a cd. $498 Large selection polyester double knit Flat fold table $198 i be. Special table polyester and Cotton All on Bolt. 45�?� wide. Washable. I 1 of Large selection double knit machine washable. 60�?� wide. Values to $5.98. $098 cd. All other polyester double knit we off recur Nice new Spring material. All on Bolt. 60�?� wide. Assorted fabrics Lorge selection. Values to s2.98 cd. Is 2s1" hem Uge 12 s $100 trims assorted 5�?~ cd. Value to $2 98 a cd. Honor master charge store hours 9 to 9 . Mon. Fri. 9 to 5 30 . Saturday a my my my my i no pre rinsing no scraping with a Kenmore dishwasher May 12�?� shop monday thursday and Friday nights a til 9 . Save 50.07 versatile 4-Cycle Kenmore dishwasher regular 239.95 189 88 portable push Button controls let you choose rinse hold Light Normal or san Wash. Top Roto rack for thorough two level washing Anion. Built in pulverised Means no pre rinsing or scraping. Use Sears easy payment plan save 40.07 Sears Best lady Kenmore dishwasher monday Only regular 299.95 259 88 we Art having a Sale on All our straight Stock plus your free pad so now is the time to come in and choose from our Mony colors and patterns above Ore shopes we will make your rugs or ony special size including Woll to Woll. Miu outlet store in Troy tel. 576-3211 8-Cycle portable eight different cycles let you match almost any Dis washing requirement. Forced air drying with Choice of time. Maple Wood chopping Block top adds Kitchen working area. In White. Tslo-4 shop at Sears and save guaranteed or your Money Back Igi s. Wrynn St. High Point no. Sears Home or a Csc store hours Mon. Thurs. Fri. Tues., wed., sat. 9 30 . To 9 . ,9 30 . To 6 . Imp car a int Sears Roebuck and co

Search all High Point, North Carolina newspaper archives

Explore other publications from High Point, North Carolina

All newspaper archives for May 5, 1974