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Calculate the amount of the required monthly payment

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Question - Solving for unknown annuity payment; installment notes

Don James purchased a new automobile for $16,000. Don made a cash down payment of $4,000 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: EM132760585

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