Which of these best describes why a large percentage of farmers in the late 1800s had high amounts of debt?
A.
Many farmers had been land speculators and lost money when the value of land decreased.
B.
Many farmers had borrowed large amounts of money to pay for land and farm equipment.
C.
Many farmers could not manage money and did not work enough to make a profit.
D.
Many farmers lost large sums of money in the stock market during the Panic of 1873.

Question

09-02-2018
History

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Which of these best describes why a large percentage of farmers in the late 1800s had high amounts of debt?
A.
Many farmers had been land speculators and lost money when the value of land decreased.
B.
Many farmers had borrowed large amounts of money to pay for land and farm equipment.
C.
Many farmers could not manage money and did not work enough to make a profit.
D.
Many farmers lost large sums of money in the stock market during the Panic of 1873.

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Astute Astute · Answer 1 · 2018-02-09T21:27:03+01:00

Hey there!

Many farmers had borrowed large amounts of money to pay for land and farm equipment, this would be the reason why a large percentage of farmers in the late 1800's had high amounts of debt, because they had borrowed alot of money.

The word (dept) means when you borrow alot of money, and when you have a hard time paying it back.

If I were to borrow $500 from a bank, and I only have $150, I would be able to pay what I need with that $500, but the thing is, I only have $150, this would mean that I would be in (dept) until I pay it off.

This is how it was with the farmer's in the late 1800's, they borrowed alot of money for there land and there equipment, but they couldn't pay it back

Your correct answer would be . . . .

[tex]\boxed{\boxed{Many \ farmers \ had \ borrowed \ large \ amounts}}[/tex] . . . . .

[tex]\boxed{\boxed{of \ money \ to \ pay \ for \ land \ and \ farm \ equipment}}[/tex]

Hope this helps.
~Jurgen