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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.

Required:

Using Microsoft Excel, address the following issues:

    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?

    1. 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.

    1. Create a complete amortization schedule for the car, using the information in questions 1 and 2.

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

Deliverable:

By Tuesday, March 15, 2016, submit your completed responses to this Final Project assignment to the W2: Assignment 2 Dropbox. Your submission must be in a Microsoft Excel spreadsheet. Show all your calculations, and use textboxes for the narratives.

Name your document SU_FIN2030_W2_A2_part2_LastName_FirstInitial.

Assignment 2 Grading Criteria
Maximum Points

Correctly calculated the needed responses to the TVM problems on the template.
15
Correctly determined the car and mortgage payments.
5
Correctly constructed the amortization schedule.
15
Came to the correct conclusions and implications concerning the distribution of principal and interest contained in the amortization schedule.
5
Wrote in a clear, concise, and organized manner; demonstrated ethical scholarship in accurate representation and attribution of sources; displayed accurate spelling, grammar, and punctuation. 
10
Total:
50

 

   Shows the help line number for South University Online Inc. The number is 1-888-444-3404.

 

 
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