What is the maximum car payment and mortgage payment you can afford with the fol

Question

1. 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?
2. 
   
3. Assume a 10% down payment on the car and a 3% down payment on the house. Also, assume that you can get financing for the car at 7% for 60 months, and the house can be financed at 5% for 30 years. How much could you spend on the car and the house? You must submit your calculations in a Microsoft Excel document showing how answers were reached.
4. 
   
5. Create a complete amortization schedule for the car, using the information in questions 1 and 2.
6. 
   
7. Discuss the distributions of principal, interest and the balance over the life of the loan.

Explanation / Answer

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