Homework Answers
Rate = 4.8% / 12 = 0.4%
Number of periods = 3 * 12 = 36
Presen value = Annuity * [1 - 1 / (1 + r)n] / r
100,000 = Annuity * [1 - 1 / (1 + 0.004)36] / 0.004
100,000 = Annuity * [1 - 0.866136] / 0.004
100,000 = Annuity * 33.465876
Annuity = $2,988.12
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