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16. You borrow $27,000 to purchase a plane. The loan will be paid in monthly installments over one year at 30% interest annually. The first

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16. You borrow $27,000 to purchase a plane. The loan will be paid in monthly installments over one year at 30% interest annually. The first payment is due one month from today. What is the amount of each monthly payment? (FV of $1, PV of $1, FVA of S1, PVA of S1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

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