Jana Has $1,500 for a Down Payment and Thinks She

Multiple Choice

Jana has $1,500 for a down payment and thinks she can afford monthly payments of $300. If she can finance a vehicle with a 7%, 4-year loan from a credit union, what is the maximum loan amount Jana can afford? (Round the answer to the nearest dollar.)

A) $12,528
B) $14,208
C) $16,028
D) $17,900
E) $18,028