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.
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.