1. The more money you have the more advantages you get out of life. Those with enough income or wealth often receive lower interest rates on loans, enabling them to take out greater sums of money while making lower monthly payments over a shorter period of time. 2. People in higher class status have a major advantage when borrowing money for a home. They have more income or wealth and because of this they are able to …
showed first 75 words of 296 total

showed last 75 words of 296 total
…mortgage payments. You figure a third of their income go to food leaving them with roughly $13,000 per year. This not including the costs of clothes and medical bills (even with Medicaid) and taxes. There would be less than $600 per month for the mortgage. On the other hand a person making $51,000 a year could make any of these mortgage payments in this scenario. He would probably even come out on top with a low interest rate.