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Exercise 5 - 2 3 ( Algo ) Solving for unknown annuity payment; installment notes [ LO 5 - 9 , 5 - 1 0

Exercise 5-23(Algo) Solving for unknown annuity payment; installment notes [LO5-9,5-10]
Juan purchased a new automobile for $13,000. Juan made a cash down payment of $3,250 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.
Required:
Calculate the amount of the required monthly payment.
Note: Use tables, Excel, or a financial calculator. Round your final answer to nearest whole dollar amount. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)
Monthly payment
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