hello, can you help with the below? 7. Analyzing Feasibility of a Loan: Friedrich Reine has...
hello,
can you help with the below?
7. Analyzing Feasibility of a Loan: Friedrich Reine has had a student loan, two auto loans, and three credit cards. He has always made timely payments on all obligations. He has a savings account of $2,400 and an annual income of $25,000. His current payments for rent, insurance, and utilities are about $1,100 per month. Friedrich has accumulated $12,800 in an individual retirement account. Friedrich’s loan application asks for $10,000 to start up a small restaurant with some friends. Friedrich will not be an active manager; his partner will run the restaurant. Will he get the loan? Explain your answer.
A:
Thanks,
Homework Answers
Friedrich Reine will not get the loan because he is not a active manager in the restaurant and his savings account amount is not sufficient to pay off a loan. He will not get access to his retirement account until he is 59.5 years old. Thus, Friedrich Reine will not get the loan.
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