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

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 the answer to the nearest dollar.)

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