12. The loss of value in a car over time is called a. maintenance. b. loan payments. c. sales payments. d. commissions. e. depreciation. 13. The first step in the auto-buying process should be to a. test drive several cars. b. begin negotiations. c. consider alternative buying strategies. d. decide whether to trade in your used car or to sell it yourself. e. research which car best meets your needs. 14. Jana has $1,500 for a down payment and thinks she can afford monthly payments of $300. If she can finance a vehicle with a 796, 4-year loan, what is the maximum loan amount Jana can afford? a. $12,528 b. $14,000 c. $16,028 d.$17,900 e. $18,028 15. Which of the following are reasons people lease vehicles? a. Leasing is generally less expensive than buying. b. Monthly payments for leases are generally less expensive than loan payments. c. One can afford a more expensive car with the same monthly payment by leasing rather than buying. d. b and c only e. a, b, and c 16. The financing rate on the car you are leasing is called the a. money factor. b. capitalized cost. c. residual value. d. purchase option. e. capitalcost reduction