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Determine desired monthly payment

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You are in the market for a new car you do not have a trade-in but you have saved 3000 toward a down payment you currently earn $3,750 gross monthly income of which 28% is withheld for various deductions. you have heard of the 20% rule of thumb but want to limit your payments to no more than 18% of your net monthly income because of other debt commitments you currently have a credit score of 685 you expect to drive the car and average of 15000 miles per year.

Determine your desired monthly payment (Round answer to the two decimal places)

  • Gross monthly income-?
  • Deductions-?
  • Take- home pay-?
  • Percentage allowed for car payment-?
  • Maximum monthly payment-?

Reference no: EM132554813

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