my monthly income is $3,000.00 What is the maximum car payment and mortgage paym

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. 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?
3. how do i create a complete amortization schedule for the car, using the information in questions 1 and 2.

Explanation / Answer

max payment = #300, $84 0 2) for car = $3000/(1-0.7) =$10000, house =$3000/1-0.5 =$6000 3)

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