You have an appointment with Mr. Lopez. He has relied on your financial guidance over the...

Transcribed Image Text:

You have an appointment with Mr. Lopez. He has relied on your financial guidance over the last year, particularly about increasing his savings to ensure he has a strong safety net. During your appointment, he expresses interest in securing a loan to renovate his kitchen. His budget is $25,000, and he likes the idea of having the same payment each month. Current Balance Checking Option B Account $2,549.28 Savings Option B Home Mortgage Overdraft Protection Current Interest Rate N/A $20,293.11 0.05% $175,203.18 5.00% Linked to Savings Option B To best fulfill Mr. Lopez's financial needs, what lending option would you recommend? Personal Credit Line Equity Loan Savings Secured Loan Equity Line of Credit You have an appointment with Mr. Lopez. He has relied on your financial guidance over the last year, particularly about increasing his savings to ensure he has a strong safety net. During your appointment, he expresses interest in securing a loan to renovate his kitchen. His budget is $25,000, and he likes the idea of having the same payment each month. Current Balance Checking Option B Account $2,549.28 Savings Option B Home Mortgage Overdraft Protection Current Interest Rate N/A $20,293.11 0.05% $175,203.18 5.00% Linked to Savings Option B To best fulfill Mr. Lopez's financial needs, what lending option would you recommend? Personal Credit Line Equity Loan Savings Secured Loan Equity Line of Credit

Answer rating: 100% (QA)

To determine the best lending option for Mr Lopez to secure a loan for renovating his kitchen its essential to consider his current financial situatio... View the full answer