True or False: The total of payments is the total amount of money that is available to the consumer.

The statement is false. The total of payments refers specifically to the sum of all payments that a borrower will make over the life of a loan, which includes principal and interest, not the total amount of money that is available to the consumer. This figure is calculated based on the terms of the loan agreement, such as the interest rate and repayment period, and represents the total outflow of funds from the borrower in relation to the loan.

In contrast, the amount of money available to the consumer can refer to the loan amount itself, which may differ from the total of payments due to accrued interest and other charges over the duration of the loan. Each loan product may have different terms, but the key concept is that total payments do not equate to available funds; it is rather a financial obligation rather than liquidity.