Exercise 5-18 (Algo) Solving for unknown annuity payment; installment notes [LO5-9, 5-10]

Don James purchased a new automobile for $16,000. Don made a cash down payment of $4,000 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%annualinterest rate. (FV of $1,PV of $1,FVA of $1,PVA of $1,FVAD of $1andPVAD 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.)

Exercise 5-18 (Algo) Solving for unknown annuity payment; installment notes [LO5-9, 5-10] Don James purchased a new automobile for $16,000. Don made a cash down payment of $4,000 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 $1, FVA of $1, PVA of $1, FVAD of $1 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.) Monthly payment