Question: You have $3000 available for a down payment on a car and have determined that you can afford up to $300 per month for auto

You have $3000 available for a down payment on a car and have determined that you can afford up to $300 per month for auto financing costs. If your bank has quoted a 12% APR rate on a 48-month car loan, the maximum car you can afford?

a. $14392

b. $11392

c. $14400

d. $17400

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