Concept explainers
Obtaining a Loan In Exercises 61 and 62, read the requirements and each applicant’s qualifications for obtaining a loan.
- a. Identify which of the applicants would qualify for the loan.
- b. For the applicants who do not qualify for the loan, explain why.
61. To qualify lot a loan of $40,000, an applicant must have a gross income of $28,000 if single, $46,000 combined income if marred, and assets of at least $6,000. Mrs. Rusinek, married with three children, earns $42,000. Mr. Rusinek does not have an income. The Rusineks have assets of $42,000.
Mr Duncan is not married, works in sales, and earns $31,000 He has assets of $9000.
Mrs. Tuttle and her husband have total assets of $43,000. One earns $35,000, and the other earns $23,500.
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