Exercise 5-23 (Algo) Solving for unknown annuity payment; installment notes [LO5-9, 5-10] Juan purchased a...
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Exercise 5-23 (Algo) Solving for unknown annuity payment; installment notes [LO5-9, 5-10] Juan purchased a new automobile for $26,000. Juan made a cash down payment of $6,500 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.
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