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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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