Reg has just purchased a new car. the car had a list price of $22,499, and he was responsible for 7.96% sales tax, a $2,138 vehicle registration fee, and a $262 documentation fee. reg’s financing has an interest rate of 10.27%, compounded monthly, and a duration of three years. if reg makes a monthly payment of $773.89, which of the following was his down payment? round all dollar values to the nearest cent.
a.
$2,000
b.
$2,200
c.
$2,500
d.
$2,800

The answer is option D: $2800

Step-by-step explanation:

As given, there was 7.96% sales tax, $2,138 vehicle registration fee, and a $262 documentation fee.

So, total Amount becomes =

= $26689.92

Reg’s financing has an interest rate of 10.27%, compounded monthly, and a duration of three years.

r = 10.27% or

n =

Also given that Reg makes a monthly payment of $773.89.

Monthly payment =

Solving this we get;

x = 23889.84

Hence, the down payment was = dollars

Therefore, the answer is option D: $2800

D) just took the test

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