Kurt Has $4,500 for a Down Payment and Thinks He

Multiple Choice

Kurt has $4,500 for a down payment and thinks he can afford monthly payments of $300. If Kurt can finance a vehicle with a 7%, 4-year loan from the automobile dealer, what is the maximum amount he can afford to spend on the car? (Round the answer to the nearest dollar.)

A) $12,528
B) $14,400
C) $16,028
D) $17,028
E) $18,028