Question

Yvonne has a goal of buying a brand new home within a year. She's afraid that she will be unable to save the money that she needs for a down payment. Which of the following should not be part of Yvonne's plan for achieving her goal of buying a home?
a. Delay buying the home for a few months
b. Borrow the money for the down payment and pay it back later
c. Adjust her budget to save more each month
d. Take on a part-time job to earn extra income

Answer 1

I believe the answer is: B. Borrow the money for the down payment and pay it back later

The down payment basically actualized the contract of credit that Yvonne obligated to fulfill for the house. Since the amount of down payment is not subjected to interest rates, Yvonne could borrow it without worrying about the interest fees.

Answer 2

Borrowing money for the down payment and then paying it back shouldn't be part of Yvonne's plan, as option B shows.

Why should the loan be disregarded?

• Because of interest.
• Because of indebtedness.
• Due to financial disorganization.

Loans are accompanied by high-interest rates that result in a greater economic loss for the individual. This results in debt, wasted money, economic disorganization, and other financial problems.

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