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Juan purchased a new automobile for $17,000. Juan made a cash down payment of $4,250 and agreed to pay the remaining balance in 30 monthly
Juan purchased a new automobile for $17,000. Juan made a cash down payment of $4,250 and agreed to pay the remaining balance in 30 monthly installments, beginning one month from the date of purchase. Financing is avallable 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 S1. PV of S1. FVA of \$1. PVA of \$1, EVAD of \$1 and PVAD of \$1)
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