Question: Exercise 5-20 (Algo) Deferred annuities; solving for annuity amount [LO5-8, 5-9] On April 1, 2024, Antonio purchased appliances from the Acme Appliance Company for $1,500.

Exercise 5-20 (Algo) Deferred annuities; solving for annuity amount [LO5-8, 5-9] On April 1, 2024, Antonio purchased appliances from the Acme Appliance Company for $1,500. In order to increase sales, Acme allows customers to pay in installments and will defer any payments for six months. Antonio will make 18 equal monthly payments, beginning October 1,2024 . The annual interest rate implicit in this agreement is 24%. Required: Calculate the monthly payment necessary for Antonio to pay for his purchases. Note: Use tables, Excel, or a financial calculator. Do not round intermediate calculations. Round your final answers to nearest whole dollar amount. (EV of \$1. PV of \$1, EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1)

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