Question: Exercise 5-23 (Algo) Solving for unknown annuity payment; installment notes [LO5-9, 5-10] Juan purchased a new automobile for $22,000. Juan made a cash down payment

Exercise 5-23 (Algo) Solving for unknown annuity payment; installment notes [LO5-9, 5-10] Juan purchased a new automobile for $22,000. Juan made a cash down payment of $5,500 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. 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

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