\( \definecolor{colordef}{RGB}{249,49,84} \definecolor{colorprop}{RGB}{18,102,241} \)
Suppose John takes out a loan of \(\dollar 25\,000\) to buy a motorcycle. The loan has an interest rate of \(4.8\pourcent\) per annum, compounded monthly, and he agrees to repay the loan over 6 years.
Calculate the periodic (monthly) payment John needs to make using the TVM solver on your calculator.
dollars (round to the nearest integer)