Word: salesman
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...there a single trigger that touched off all these violent outbursts? Probably not. Yet a number of psychiatrists speculated that a powerful influence might have been the episode that occurred two weeks ago in Indianapolis. There, a 44-year-old auto salesman named Anthony Kiritsis wired the muzzle of a 12-gauge shotgun to the neck of a mortgage executive and held him hostage for 63 terror-filled hours (TIME, Feb. 21). When Indianapolis TV stations acceded to his demand that he be put on the air, Kiritsis crowed: "I'm a goddam national hero." He was scarcely that...
...counselors invariably bewail the willingness of consumers to take the first time-payment deal they are offered -and with good reason. To test the benefits of shopping around, TIME staffers in New England, the Midwest and the California-Nevada area asked various lenders what terms they would.offer to a salesman who earned $20,000 a year and wanted to borrow $2,000 to take his wife and two children on a vacation. The salesman was assumed to be making mortgage payments on a $40,000 house, and to be paying $110 a month on an auto loan...
...lowest rate was offered by a Pasadena savings and loan. If the salesman had $2,000 or more in a savings account, he could borrow on his passbook and pay 1 % more in interest on his loan than he received in interest on his savings. The high-end 22% rate was quoted by a finance company in Los Angeles. Some rates in between...
LIFE INSURERS would lend the money at 5% to 8% interest annually, if the salesman had built up a cash value of $2,000 or more in a policy. Since he would in effect be borrowing his own money, he could repay the principal whenever he felt like it, or not at all. In that case the $2,000 would be deducted from the proceeds paid to his beneficiaries when he died...
CREDIT UNIONS would generally lend to a salesman-member at 12% annually. But if he belonged to Polaroid Corp.'s credit union, an annual refund of interest would reduce the real rate to 9.6%. Payments: about $80 a month for three years. BANKS offered strikingly varied terms on a straight installment loan. In Boston, National Shawmut Bank would lend at 14% per year for 24 months (monthly payment: $96.02). First National Bank of Boston would offer a "revolving line of credit" with an indefinite repayment period and charge interest of 18% annually on the first $500 of unpaid balance...