Lupe Made a Down Payment of $1,500 Toward the Purchase

Multiple Choice

Lupe made a down payment of $1,500 toward the purchase of a new car. To pay the balance of the purchase price, she has secured a loan from her bank at the rate of 12%/year compounded monthly. Under the terms of her finance agreement, she is required to make payments of $250/month for 30 month. What is the cash price of the car? ​

A) $10,196.22
B) $6,451.93
C) $3,513.80
D) $7,951.93