You are expecting to receive monthly payments of $280 for 36 months with the first payment...
You are expecting to receive monthly payments of $280 for 36 months with the first payment occurring exactly two years from now. What is the value of these payments to you today? Assume an APR of 6.5%. Round your answer to two decimal places. Hint: The first payment occurs exactly two years from now, so the annuity actually begins one month prior to that.
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![Home nert Page Layout Formulas Data Review View dd-Ins Cut Σ AutoSum ー E ゴWrap Text aCopy в 1 프· ー· 鱼, Δ. : rーー 遑锂函Merge & Center. $, % , 弼,8 Conditional Format eCell Insert Delete Formsat Sort &Find & Format Painter Formatting as Table Styles2 Clear Clipboard Alignment Number Cells Edting LL88 LM LN LO LP LQ LR LS LT LU LV LW LX LY LZ 76 78 79 80 81 82 83 84 85 86 87 FIRST WE WE WILL CALCULATE PRESENT VALUE OF ANNUITY OF 36 MONTHS PMT PERIOD MONTHS APR PERIODS IN A YEAR 280 36 6.50% 12 PVAD= $ 9,135.70 PV(LP83/LP84,LP82,-LP81) NOW WE HAVE TO FIND PRESENT VALUE OF PVAD 89 90 91 92 93 94 11 1 トーCALCULATOR ( LOAN OPTIONS | pv, fv, annuity i CAP STRU VALUE NO OF MONTHS PRESENT VALUE$ 8,068.30 [EXCE; -PV(LP83/LP84,LP90,,-LP86)] AS FIRST PAYMENT OCCURS ONE MONTH PRIOR, WE HAVE TO CALCULATE PRESENT VALUE FOR 23 MONTHS LOCK BOXDILUTION DOLLAR COST AVG MORTGAGE EXPO Sheet1 Sheet2 Shel rences: x261 02:57 27-01-2019](http://img.homeworklib.com/questions/5f1eac30-7126-11ea-b6d9-d5ba31377bce.png?x-oss-process=image/resize,w_560)
![Home nert Page Layout Formulas Data Review View dd-Ins s Cut ta copy. Σ AutoSum ー E ゴWrap Text General в 1 프· ー· 鱼, Δ. : rーー 逻锂函Merge & Center. $, % , 弼,8 C Paste Conditional Format CeInsert Delete Format Formatting, as Table w styles. ▼ ㆆ ▼ Sort &Find & 2 ClearFe Select Edting Format Painter Clipboard Font Alignment Number Styles Cells LL112 LM LN LO LP LQ LR LS LT LU LV LW LX LY LZ 94 95 96 97 98 WE CAN PRESENT SAME SUM IN THE FORM OF ANNUITY DUE AS WELL FIRST WE WE WILL CALCULATE PRESENT VALUE OF ANNUITY OF 36 MONTHS PMT PERIOD MONTHS APR PERIODS IN A YEAR 280 36 6.50% 12 100 101 102 103 104 105 106 107 108 109 110 PVAD= $ 9,185.18 PV(LP83/LP84,LP82,-LP81,,1) NOW WE HAVE TO FIND PRESENT VALUE OF PVAD NO OF MONTHS PRESENT VALUE = $ 8,068.30 [EXCE; -PV(LP83/LP84,LP90,,-LP86)] SEE, BOTH METHODS GIVE SAME ANSWER 112 BOX DILUTION DOLLAR COST AVGMORTGAGE EXPO Sheeti Sheet2 Shel 福 130% 11 1 トーCALCULATOR ( LOAN OPTIONS | pv, fv, annuity 1 CAP STRU VALUE rences: x261 02:57 27-01-2019](http://img.homeworklib.com/questions/5fab8900-7126-11ea-b390-25593c31e671.png?x-oss-process=image/resize,w_560)
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