Calculate the amount of the required monthly payment

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Reference no: EM131924086

Don James purchased a new automobile for $20,000. Don made a cash down payment of $5,000 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.

Reference no: EM131924086

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