Computing the Present Value of an Annuity In repayment of a loan,

Nicholas agreed to pay a financial institution $500 at the beginning of each month over a 3 year period, with the first payment due immediately. Assuming the interest rate on the loan is 8.4%, what is the present value of the loan?

Round the interest rate percentage to two decimal places used in your calculation (for example, enter .0063 for .63333%). Round your final answer to the nearest whole number. Do not use a negative sign with your answer.