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

$2,800

Step-by-step explanation:

Let x be the EMI

Since we are given that he 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.

Total Amount =

                                   =

                                   =

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

r = 10.27%

n = 12*3 =36

We are given that  Reg makes a monthly payment of $773.89

Monthly payment =

So,Down payment =

Thus Option D is correct.

n

step-by-step explanation: