Manjur and Fatima are both 63 years old and have a flourishing business. They decide to purchase a beach house and seek a 15-year mortgage. In this scenario, the lender ________.
A. can grant them credit only for 5 years as the Equal Credit Opportunity Act applies only for 5-year transactions
B. cannot deny them credit based on the Equal Credit Opportunity Act
C. may deny them credit based on their age and possibility of loss of income at retirement
D. may deny them credit based on the Equal Credit Opportunity Act because their application, when compared to more youthful applicants, is not "equal"
Answer: B
You might also like to view...
Which statement is not correct? The structured design approach
a. is a top-down approach b. is documented by data flow diagrams and structure diagrams c. assembles reusable modules rather than creating systems from scratch d. starts with an abstract description of the system and redefines it to produce a more detailed description of the system
According to chapter 5 of your text book, corruption in Barings Bank, Enron, and WorldCom are illustrations that a strong culture is not necessarily a _________ culture.
a. Functional b. Corrupt c. Trustworthy d. Good
On January 1, 2017, Doyle Manufacturing Corporation purchased a machine for $40,000,000
The corporation expects to use the machine for 24,000 hours over the next six years. The estimated residual value of the machine at the end of the sixth year is $40,000. The corporation used the machine for 3,600 hours in 2017 and 5,000 hours in 2018. Calculate depreciation expense for 2018 if the company uses the units-of-production method of depreciation. What will be an ideal response
A scatterplot depicting a circular cloud of data could be described as…
a. a negative relationship b. a positive relationship c. a perfect relationship d. no relationship