Determine the car payment and mortgage payment

Assignment Help Accounting Basics

Reference no: EM13746545

The case is designed to determine and evaluate the payment amount of a car loan and a mortgage, based on your income. If you prefer, you may assume that your household income is $48,000 per year or $4,000 per month. Based on your income, you may spend 28 percent of your monthly income on housing and 10 percent on a car loan. You are to put a 3 percent down payment on the house and a 10 percent down payment on the car. These will make the loan to value of your loans to less than one: 97 percent on the house and 90 percent on the car.

Determine the car payment and mortgage payment with the following conditions: your monthly household income, 10 percent for the car payment, and 28 percent for the mortgage payment. Also, assume a 10 percent down payment on the car and a 3 percent down payment on the house.

Create an amortization schedule, and graph the components over time: interest, principal, and balance.

Discuss the distributions of principal, interest, and the balance over the life of the loan.

Reference no: EM13746545

Questions Cloud

Develop two hypothesis : I need a valid homeland security question that can be useful in Research Design. The question has to have good references. I also have to develop two hypothesis that will help me answer the research question.

Discuss differences in election of 1832 and election of 1840 : Discuss the differences in the election of 1832 and the election of 1840.

What is point of law in different civilizations from history : What is the point of law and punishment in different civilizations from history? Select three examples and compare their motivations in using specific methods of punishment in that society.

Assignment on memo to management : Ingenious Pty Ltd (a fictitious company) designs information and communication technology hardware. It has just completed its development of a new type of earpiece for connection to mobile devices.

Determine the car payment and mortgage payment : Determine the car payment and mortgage payment with the following conditions: your monthly household income, 10 percent for the car payment, and 28 percent for the mortgage payment

Explain the assisnation of dr martin luther king : The assisnation of Dr. Martin Luther King. Choose a mystery or scandal from the second half of the 20th century and write a 3 page essay

Human assets versus other organizational assets : Why does senior management often fail to realize the value of human assets versus other organizational assets.

Write a vignette that could be used by tyco : Tyco used vignettes to communicate changes in ethical behavior. Write a vignette that could be used by Tyco to assist in overcoming the cultural change barriers that companies like Tyco faced

How does the location of a speech shape the message : How does the location of a speech shape the message? Use JFK's "Berlin Wall," MLK's "I Have a Dream," and Fulton Sheen's "Role of Communism" speech to illustrate your points.

User Account

All Pages