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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. 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 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. Submissions Details: Submit a 3-4 page Microsoft Word document, using APA style. Name your file: SU_FIN2030_W2_CP_LastName_FirstInitial.doc
Date Posted: 10/05/2021
Category: Business
Due Date: 11/05/2021
Instruction
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 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. Submissions Details: 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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committedwriter 4 years, 12 months ago
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  • Can i adjust to 25
    committedwriter | May 10, 2021, 12:47 PM
  • Hello,I have uploaded the work,you can have a look at it and kindly release the payment
    committedwriter | May 11, 2021, 16:59 PM
  • Can you please make sure its in APA style, and make sure you summarized a conclusion .
    User_12581 | May 11, 2021, 17:05 PM
  • on it
    committedwriter | May 11, 2021, 17:06 PM
  • its already in APA 7 ...I'll add the conclusion
    committedwriter | May 11, 2021, 17:09 PM
  • ok, thanks
    User_12581 | May 11, 2021, 17:17 PM
  • done
    committedwriter | May 11, 2021, 17:35 PM
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