Ch 08: Apply What You've Learned - Vehicle and Other Major Purchases Complete the following table to determine your desired maximum monthly payment. (Round your answers to the two decimal places.) $ $ Gross income (monthly) Deductions (dollar amount) Take-home pay Percentage allotted for car payment Maximum monthly payment $ % $ You have decided to purchase a new car and have negotiated the price. A four-year loan is resulting in payments of $457.00 per month. How might you get your monthly payment down to your desired monthly goal? Check all that apply. Decrease the amount of your down payment Shop for a loan with a lower interest rate Shop for a loan with a higher interest rate Shorten the term of the loan from four to three years financing terms, and (2) afford A good credit score is an important factor when buying a car because it allows you to (1) obtain expensive or better vehicle for the same loan amount. Grade it Now Save & Continue a A ch Ch 08: Apply What You've Learned - Vehicle and Other Major Purchases Scenario: You are in the market for a new car. You do not have a trade-in, but you have saved $2,500 toward a down payment. You currently earn $3,000.00 gross monthly income, of which 30% is withheld for various deductions. You have heard of the 20% rule of thumb, but want to limit your payments to no more than 17% of your net monthly income because of other debt commitments. You currently have a credit score of 700. You expect to drive the car an average 15,000 miles per year. You're considering purchasing a used-rather than new-car. This strategy offers several advantages. Which of the following is not an advan purchasing a used car? The reduced down payment required for the purchase A lack of knowledge and confidence in the mechanical condition of the car Avoidance of the vehicle's significant decrease in value due to depreciation The reduced price of the automobile Which of the following will directly affect the final cost of a new car if you elect to purchase the vehicle? Check all that apply. The amount of the down payment The interest rate of any loan used to finance the case Ch 08: Apply What You've Learned - Vehicle and Other Major Purchases Complete the following table to determine your desired maximum monthly payment. (Round your answers to the two decimal places.) $ $ Gross income (monthly) Deductions (dollar amount) Take-home pay Percentage allotted for car payment Maximum monthly payment $ % $ You have decided to purchase a new car and have negotiated the price. A four-year loan is resulting in payments of $457.00 per month. How might you get your monthly payment down to your desired monthly goal? Check all that apply. Decrease the amount of your down payment Shop for a loan with a lower interest rate Shop for a loan with a higher interest rate Shorten the term of the loan from four to three years financing terms, and (2) afford A good credit score is an important factor when buying a car because it allows you to (1) obtain expensive or better vehicle for the same loan amount. Grade it Now Save & Continue a A ch Ch 08: Apply What You've Learned - Vehicle and Other Major Purchases Scenario: You are in the market for a new car. You do not have a trade-in, but you have saved $2,500 toward a down payment. You currently earn $3,000.00 gross monthly income, of which 30% is withheld for various deductions. You have heard of the 20% rule of thumb, but want to limit your payments to no more than 17% of your net monthly income because of other debt commitments. You currently have a credit score of 700. You expect to drive the car an average 15,000 miles per year. You're considering purchasing a used-rather than new-car. This strategy offers several advantages. Which of the following is not an advan purchasing a used car? The reduced down payment required for the purchase A lack of knowledge and confidence in the mechanical condition of the car Avoidance of the vehicle's significant decrease in value due to depreciation The reduced price of the automobile Which of the following will directly affect the final cost of a new car if you elect to purchase the vehicle? Check all that apply. The amount of the down payment The interest rate of any loan used to finance the case