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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

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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 instaliments, beginning one month from the date of purchase Financing is avallable at a 24% annua/interest rate Required: Calculate the amount of the required monthly payment. Note: Use tables, Excel, or a finencial calculator. Round your final answer to nearest whole dollar amount. (FV of S1. PV of S1, EVA (S1. PVA O [51, EVAD of S1 and PVAD of 51)

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