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Determine desired monthly payment

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Scenario: you're 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 earned $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 an average 15000 miles per year.

Determine your desired monthly payment. Round your answers to the two decimal places.

1) gross monthly income?
2) deductions in dollar amount?
3) take-home pay?
4) percentage allotted for car payment?
5) maximum monthly payment?

Reference no: EM132554656

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