Type your question here The scenario is designed to help you determine and evalu
ID: 2702272 • Letter: T
Question
Type your question here
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.
Using Microsoft Excel, address the following issues:
Maximum car payment: .10*3000=300 a month
Maximum mortgage payment: .28*3000= 840 a month
<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
Explanation / Answer
what I can spend:
on housing=0.28*3000=840
on car loan=0.1*3000=300
down payment=0.03*3000=90
down payment on car=0.1*3000=300
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.