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What is the maximum car payment and mortgage payment

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Question - The scenario is designed to help you determine and evaluate the payment amount of a car loan and a mortgage, based on the assumption that your household income is $36,000 per year or $3,000 per month. Based on your income, you may spend 28% of your monthly income on housing, and 10% on a car loan. You are to put a 3% down payment on the house and a 10% down payment on the car.

Tasks: What is the maximum car payment and mortgage payment you can afford with the following conditions: your monthly household income, 10% for the car payment, and 28% for the mortgage payments? Create a complete amortization schedule for the car, using the information above. Analyze the distributions of principal, interest and the balance over the life of the loan.

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The assignment needed us to determine and evaluate the payment amount of a car loan and a mortgage based on some criteria. We have made the calculations and shown the car amortization schedule. Further, an Analysis of the distributions of principal, interest and the balance over the life of the loan is provided

Reference no: EM132185691

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