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. $2,800

Step-by-step explanation:

The car had a list price of $22,499

Sales tax is 7.96%

Vehicle registration fee is $2,138

Documentation fee = $262

7.96% of 22499 is

Total amount of car is =

= $26689.92

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

So, r = 10.27/12/100=0.00855

n = 12*3 =36

Monthly payments are of = $773.89

=x

= $23893.74

Now, down payment will be = or we can round this to nearest $2800.

c

step-by-step explanation:

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