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Don James purchased a new automobile for $24,000. Don made a cash down payment of $6,000 and agreed to pay the remaining balance in 30
Don James purchased a new automobile for $24,000. Don made a cash down payment of $6,000 and agreed to pay the remaining balance in 30 monthly installments, beginning one month from the date of purchase. Financing is available at a 24% annual interest rate (FV Of $1 PV of SLEVA $1. PVA of $1. FVAD of 51 and PVAD of $1 (Use appropriate factor(s) from the tables provided.) Required: Calculate the amount of the required monthly payment. (Do not round Intermediate calculations. Round your final answer to nearest whole dollar amount.)
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