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The scenario is designed to help you determine and evaluate the payment amount o
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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.
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 over 4 years, and 28% for the 15 year 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.
Submit a 3-4 page Microsoft Word document, using APA style.
Name your file: SU_FIN2030_W2_CP_LastName_FirstInitial.doc
Submit your assignment to the Submissions Area by the due date assigned.
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