kenneth just graduated from college and has started his fisrt job in sales. basedd on conversation swith his manager, kennneth believes his income will encrease substansially over the next couple years. his urrent gross monthly income is $3400. although kenneth's current works fine, it does have a lot of miles on it. as a result, he would like to purchase a new car. kenneth has some student loans, credit cards debt, and a car loan. his monthly required payments are $180 for student loans, $140 for credit card debt, and $245 for his car loan. h has a roommate and currently pays $585 per month for hisportion of the rent. (a) if kenneth wants to keep his debt-to-income ratio less than 34%, what is the maximum monthly payment he could have on a new car loan? assume that kenneth could sell his current car and pay off the remaining balance of his current car loan the maximum monthly payment that kenneth could have on a new car loan is $_____

kenneth just graduated from college and has started his fisrt job in sales. basedd on conversation swith his manager, kennneth believes his income will encrease substansially over the next couple years. his urrent gross monthly income is $3400. although kenneth's current works fine, it does have a lot of miles on it. as a result, he would like to purchase a new car. kenneth has some student loans, credit cards debt, and a car loan. his monthly required payments are $180 for student loans, $140 for credit card debt, and $245 for his car loan. h has a roommate and currently pays $585 per month for hisportion of the rent. (a) if kenneth wants to keep his debt-to-income ratio less than 34%, what is the maximum monthly payment he could have on a new car loan? assume that kenneth could sell his current car and pay off the remaining balance of his current car loan the maximum monthly payment that kenneth could have on a new car loan is $_____

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter8: Vehicle And Other Major Purchases

Section: Chapter Questions

Problem 1FPC

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