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Exercise 5 - 2 3 ( Algo ) Solving for unknown annuity payment; installment notes [ LO 5 - 9 , 5 - 1 0
Exercise Algo Solving for unknown annuity payment; installment notes LO
Juan purchased a new automobile for $ Juan made a cash down payment of $ and agreed to pay the remaining balance in monthly installments, beginning one month from the date of purchase. Financing is available at a 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 $ PV of $ FVA of $ PVA of $ FVAD of $ and PVAD of $
Monthly payment
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