Financial Management Help

[norma]

I need to determine the car payment and mortgage payment with the following conditions:
My monthly household income of $4,000
10% for the car payment
28% for the mortgage payment

Assume 10% down payment on the car
3% down payment on the house

Car price is $4600.00
Home price is $290,000.00
Use 7% interest for the car loan
Use 5.66% for the home loan

2nd.) I need to create an amortization schedule, and graph the components over time: interest, principal, and balance.
3rd.) I need to discuss the distributions of principal, interest, and the balance over the life of the loan.

 

[Deleted member 4993]

I need to determine the car payment and mortgage payment with the following conditions:
My monthly household income of $4,000
10% for the car payment
28% for the mortgage payment

Assume 10% down payment on the car
3% down payment on the house

Car price is $4600.00
Home price is $290,000.00
Use 7% interest for the car loan
Use 5.66% for the home loan

2nd.) I need to create an amortization schedule, and graph the components over time: interest, principal, and balance.
3rd.) I need to discuss the distributions of principal, interest, and the balance over the life of the loan.

Please share your work with us indicating exactly where you are stuck - so that we may know where to begin to help you.

 

[rbcc]

I need to determine the car payment and mortgage payment with the following conditions:

My monthly household income of $4,000
10% for the car payment
28% for the mortgage payment

Assume 10% down payment on the car
3% down payment on the house

Car price is $4600.00
Home price is $290,000.00
Use 7% interest for the car loan
Use 5.66% for the home loan

The price of a house is 290 000 and they will make a 3% down payment. Subtract their down payment from the price of the house and that is the value of the loan that they will need.

Plug that into the present value formula, along with your other information, and solve for the payments.