Blake Bohannan 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.

$16,964

c.

$82,184

d.

$91,684

e.

$27,330