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

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.

1. 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.
2. Create an amortization schedule, and graph the components over time: 
   interest, principal, and balance.
3. Discuss the distributions of principal, interest, and the balance over the 
   life of the loan.

Quantitative Assignment 3