Chapter 3.2, Problem 62E

Obtaining a Loan In Exercises 61 and 62, read the requirements and each applicant’s qualifications for obtaining a loan.

1. a. Identify which of the applicants would qualify for the loan.
2. b. For the applicants who do not qualify for the loan, explain why.

62. To qualify for a loan of $45,000 an applicant must have a gross income of $30,000 if single, $50,000 combined income if married and assets of at least $10,000.

Mr. Argento married with two children, earns $37,000 Mrs Argento earns $15,000 at a part-time job. The Argentos have assets of $25,000.

Ms. McVey, single has assets $19,000. She works in a store and earns $25,000.

Mr. Siewert earns $24,000 and Ms Fox his wife, earns $28,000 Their assets total $8000.