Imagine you work for an accounting firm and a client has told you he needs a loan of $120,000 to purchase a house. His monthly income is $4000, and he is single with no children. He has $14,000 in savings that can be used for a down payment. Based on this information, complete the following. Find the current rates available from local banks for both fixed rate mortgages and adjustable rate mortgages (ARMs). Analyze the offerings and summarize in writing the best options for your client, along with the pros and cons of each option.