382.24 are his monthly payments.
Present value of ordinary annuity = Payment * [1 - (1+ interest)- number of payments] / interest
26750 = Payment * [1 - (1+ 5.33%/12)- 7*12] / (5.33%/12)
26750 = Payment * [1 - (1+ 0.004442)- 84] / 0.004442
26750 = Payment * [1 - 1/(1.004442) 84] / 0.004442
26750 = Payment * [1 - 1/1.451071] / 0.004442
26750 = Payment * 0.310854 / 0.004442
26750 = Payment * 69.980639
26750 / 69.980639 = payment
$382.24 = payment
Monthly payments are the amounts paid each month to pay off the loan over the term of the loan. When you take out a loan, you have to repay not only the principal and the amount borrowed, but also accrued interest.
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