gaku421 gaku421

Today at 1:18 PM
Business

Answered

Patrick and Mary wanted to become homeowners back in 2008 and applied for a loan from a mortgage lender. Patrick and Mary's combined income was $50,000 a year and their credit history was poor. They were approved for a mortgage loan but couldn't make the payments. This is an example of a result of _______.

Answer :

topeadeniran2 topeadeniran2

Today at 1:22 PM

The information given in the question is an example of purchasing power.

Purchasing power simply refers to goods and services that a person can be able to buy with a given amount of money that the person has.

In this case, they have a combined income of $50,000 but this wasn't enough to purchase the house. This shows that they had a lower purchasing power.

Assuming the house was sold for a lesser amount than $50,000, then it'll be affordable for them.

Read related link on:

https://brainly.com/question/15176955

Answer Link

Other Questions

Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock- $20 par value, 100,000 shares author

Kohler Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock- $20 par value, 100,000 shares author

3) Arkana, Inc. has relatively few sales on account and therefore uses the direct write-off method to account for bad debts. Record the journal entries for the

Management 201 To say that the airline industry has experienced some struggles would be a huge understatement. Faced with fears over terrorist attacks and sharp

5) Jackson, Inc. set up a $93,000 note receivable in settlement of the account of Sam Smith at 8% annual interest for 60 days, starting on July 12, 2021. The no

Illustrate with equation and diagrams that water is an oxide of hydrogen

please give me the answer

The man went out for no other reason than to have the pleasure of feeling the rain on his body ( use only) do as directed

Differentiate RAM and ROM

1) Describe miss leslie dress

LONDON’S GREEN BIN PROGRAM1 As the city's general manager of environmental and engineering services, do whatever analysis and make recommendations you deem appr

A business operated at 100% of capacity during its first month and incurred the following costs: Production costs (19,000 units ) : If 1,600 units remain unsold

Heginning and ending Cash account batances of Aainbow, Inc. were $14,000 and $32.000 respectively, If totat cash paid out during the geriod was $30 oco , what a

9. On January 1, 20X8, Parent Company purchased 80% of the common stock of Subsidiary Company for $360,000. On this date, Subsidiary had common stock, other pai

Required information Exercise 15-32 Pricing, Advertising, and Special-Order Decisions (LO 15-10) [The following information applies to the questions displayed b

Division D is considering two possible expansion plans. Plan A would expand a current product line at a cost of $8,500,000. Expected annual net cash inflows are

Amortization Entries. Kleen Company acquired patent rights on January 10 of Year 1 for $368,000. The patent has a useful life equal to its legal tife of eight y

Exercise 19−16 (Algo) Target pricing LO P3 Huds Incorporated reports the information below on its product. The company uses absorption costing and has a target

The information that follows pertains to Esther Food Products: a. At December 31, 2021, temporary differences were associated with the following future taxable

Autok Ball Bearings has a ROS of 16.4% and Aladdin Automotive has an ROS of 18.3%. Which of the following statements is true? Aladdin Automotive reported more d