Before buying a car, it is critical that you determine both the complete price of the vehicle and what you can afford to spend. This information is essential in deciding whether to pay cash or finance the vehicle with a loan. The difference between these two methods of payment, however, is the difference between paying the car's full price versus making a much smaller down payment and fitting the monthly payments into your budget. There are two schools of thought about how much car you can afford. Financial experts recommend that the amount of your car payment should not exceed 20% of your net monthly income. Others suggest that if you can accommodate the payment in your budget, then it's acceptable-although you shouldn't obligate yourself to eating rice cakes for the next four years. Rajiv is 24 years old, and his current gross monthly income is $3,200. Given an average personal tax rate of 28% for his federal, state, and local taxes, Rajiv's net monthly income is .If he follows the advice of financial experts, what is the maximum amount that he should spend to swers to the nearest whole dollar.) purchase a new vehicle? (Note: Rour $1,843 $1,382 $461 $2,304 $3,200 $4,480 Brand and Model Cost Hyundai Accent Mini Cooper Jeep Wrangler Volvo C70 $14,195 23,450 26,790 39,950 He's currently accumulated a down payment of $3,000 and he has determined that he can afford maximum payments of $575 per month. His initial research on the current cost of auto loans has found that his lowest cost loan would be made by a credit union and would require an interest rate of 12% for four years. Given this information, the maximum amount that Rajiv can afford to pay for his new car is afford to purchase, without stretching his budget, is: The Jeep Wrangler The Hyundai Accent The Volvo C70 The Mini Cooper $18,626 $28,560 Purchase an upgraded vehicle with fewer and less expensive options Purchase the more expensive car now and figure out later how to pay for it Go ahead and purchase the more expensive car; he deserves to be happy Postpone his purchase until he can save more money for a larger down payment $24,835 and the most expensive car that he can However, he could upgrade to a more expensive model by undertaking several activities. Which of the following activities would allow this upgrade? Check all that apply