On April 1, 2024, Antonio purchased appliances from the Acme Appliance Company for $1,200. 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.