On February 1, 2017, TS buys a photocopier from AC Inc. with a list price of $2,100 in exchange for a $500 cash down payment plus an interest-bearing note. The terms of the note specify that TS repay the loan in 3 equal installments of $792 payable at the end of each year. The payment includes both principal and interest using an interest rate of 7%. AS banker has suggested that an appropriate market rate for a similar loan is 12%. At what amount (rounded to the nearest $100) will TS record the photocopier at the time of purchase? 

A) $2,100 

B) $2,400 

C) $3,400 

D) $3,800