The scenario is designed to help you determine and evaluate the payment amount of a car loan
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Question:
Task:
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 over 4 years, and 28% for the 15 year mortgage payments?
Create a complete amortization schedule for the car, using the information above.
Analyze the distributions of principal, interest, and the balance over the life of the loan.
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