What type of information is required in truth-in-lending disclosures?

Truth-in-lending disclosures are designed to provide borrowers with clear and comprehensible information about the terms of their loans, ensuring they can make informed decisions. These disclosures must include specific details such as the amount of the down payment, the annual percentage rate (APR), and other key loan conditions that affect the total cost of borrowing.

Choosing a $3,000 down payment as the correct answer demonstrates the necessity for precise figures in disclosure statements. By specifying the actual dollar amount for the down payment, it provides borrowers with concrete information that allows them to evaluate the affordability and implications of their prospective loan.

Other options lack the necessary specificity required for truth-in-lending disclosures. For example, “No down payment” gives an ambiguous understanding that could lead to misunderstanding, while vague phrases like "Low, low down" do not provide a specific, measurable amount. Additionally, while an annual percentage rate is an essential part of lending disclosures, the option provided does not convey the type of discernible information typically required in truth-in-lending statements. Thus, including an actual figure like $3,000 ensures clarity and transparency in the lending process.