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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