Multiple Choice
Below gives the data concerning (1) the dependent variable Default which equals 1 if a customer defaults on their loan and 0 if they do not; (2) the independent variable Price of Home, which is the price of the home (in tens) and (3) the independent variable First Purchase which equals 0 if the customer has owned a home before and 1 if this is their first home. Identify and interpret the odds ratio estimate for Price of Home. 
A) Odds ratio: 4.56789; for each addition $10 spent on a home, the odds of a person defaulting increased 4.56%
B) Odds ratio: 4.56789; for each addition $100 spent on a home, the odds of a person defaulting increased 4.56%
C) Odds ratio: 4.56789; for each addition $10 spent on a home, a default is 4 times more likely
D) Odds ratio: 4.56789; for each addition $1000 spent on a home, a default is 4 times less likely for each additional $1,000 spent
Correct Answer:
Verified
Correct Answer:
Verified
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