Henry Has $2,500 for a Down Payment and Thinks He

question 7

Multiple Choice

Henry has $2,500 for a down payment and thinks he can afford monthly payments of $400. If he can finance a vehicle with an 8%, 3-year loan from a local bank, what is the maximum amount Henry can spend on the car? (Round to the nearest dollar.)

• A)$12,765
• B)$14,400
• C)$14,079
• D)$15,265
• E)$16,879

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