The case is designed to determine and evaluate the payment amount of a car loan and a mortgage

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.

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