Question: Albert Johnson has saved $9,500 for a down payment on a new Jeep. The largest monthly payment he can afford is $1,250. The loan will

Albert Johnson has saved $9,500 for a down payment on a new Jeep. The largest monthly payment he can afford is $1,250. The loan will have a 7% nominal rate (APR) with end-of-month payments. What is the most expensive car he can afford if he finances it for 96 months?

	a.	$101,184
	b.	$82,184
	c.	$91,684
	d.	$27,330
	e.	$16,964

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