Exercise 5-20 (Algo) Deferred annuities; solving for annuity amount [L058,59] On April 1, 2024, Antonio purchased appliances from the Acme Appliance Company for $1,600. 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. (FV of $1,PV of $1, FVA of $1, PVA of $1,FVAD of $1 and PVAD of $1 ) Exercise 5-20 (Algo) Deferred annuities; solving for annuity amount [L058,59] On April 1, 2024, Antonio purchased appliances from the Acme Appliance Company for $1,600. 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. (FV of $1,PV of $1, FVA of $1, PVA of $1,FVAD of $1 and PVAD of $1 )