Question: Exercise 5-18 (Algo) Solving for unknown annuity payment; installment notes (L05-9,5-10] Don James purchased a new automobile for $10,000 Don made a cash down payment

Exercise 5-18 (Algo) Solving for unknown annuity payment; installment notes (L05-9,5-10] Don James purchased a new automobile for $10,000 Don made a cash down payment of $2,500 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 $1FVA Of $1. PVA of S1, EVAD of S1 and PVAD of S1) (Use approprlate 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.) Monurly payment

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