Don James purchased a new automobile for
$20,000. Don made a cash down payment of $5,000 and
ANSWER KEY E
613 Solving for unknown annuity payment
E
613 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.
