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...

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.