Planning to apply for a loan? Your bank might ask you to divide 300 by 2!

This may sound weird, but according to a recently conducted study, people who cannot divide 300 by 2 are most likely to pay their loan installment late. Journal24’s Nitten Gokhaley finds out more

A study was recently conducted by famous American researchers- Lorenz Goette, Kris Gerari and Stephan Meier. The details of this study were published on 24-06-2013 in the American National Academy of Sciences Journal.

Researchers obtained loan related records about certain individuals from the Federal Reserve, and contacted these individuals to assess their math skills. These selected people were asked five questions to test their skills. These questions were based on simple math concepts like division and multiplication.

The results of this test proved that people with good math skills always made their loan installment payments on time, while others with bad math skills were late in making payments several times.

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Researchers also found that undergraduates with better math skills were better in loan payments compared to degree holders with poor math skills. If banks from around the world decide to take these research findings seriously, they might ask loan applicants to go through a small math test before approving their loan.

 

By- Nitten Gokhaley

Nitten writes for several websites and a newspaper called Life 365. He writes on variety of topics like Health, Travel, Business, Hollywood, Gadgets, Life style, Automobile, Politics, Science, Sociology, Psychology and more.

If you are looking for a website content writer, please email us about your requirements: nittengokhaley24@gmail.com

All rights reserved with- Nitten Gokhaley – Copyright 2013

 

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