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I need help with this question. I have made several attempts to answer this question and no luck. Explain with details please. Thank you. On
I need help with this question. I have made several attempts to answer this question and no luck. Explain with details please. Thank you.
On April 1, 2016, John Vaughn purchased appliances from the Acme Appliance Company for $1,900. In order to increase sales, Acme allows customers to pay in installments and will defer any payments for six months. John will make 18 equal monthly payments, beginning October 1, 2016. The annual interest rate implicit in this agreement is 24%. (FV of $1. PV of $1 . EVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: Calculate the monthly payment necessary for John to pay for his purchases. Monthly payment 115 On April 1, 2016, John Vaughn purchased appliances from the Acme Appliance Company for $1,900. In order to increase sales, Acme allows customers to pay in installments and will defer any payments for six months. John will make 18 equal monthly payments, beginning October 1, 2016. The annual interest rate implicit in this agreement is 24%. (FV of $1. PV of $1 . EVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: Calculate the monthly payment necessary for John to pay for his purchases. Monthly payment 115Step by Step Solution
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