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Tou ve Learned - Auto Purchase Scenario: You are in the market for a new car. You do not have a trade-, 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. What does it mean when a loan is described as being upside down? It means that you owe more than the asset it worth It means that the asset is worth more than you owe. $ $ 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 5457.00 per month. How might you get your monthly payment down to your desired monthly goal? Check all that apply. Increase the amount of your down payment Decrease the amount of your down payment Shorten the term of the loan from four to three years Extend the term of the loan from four to five years Extend the term of the loan from four to five years more better financing terms, and (2) afford a less redit 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