Exercise $5-23($Algo$)$ Solving for unknown annuity payment; installment notes $[$LO$5-9,5-10]$

Juan purchased a new automobile for $$21,000.$ Juan made a cash down payment of $$5,250$ 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