Computing the Present Value of an Annuity Nicholas receives loan proceeds today from a financial institution. Nicholas agrees to pay the financial institution $1,000 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 8.5%, what is the present value of the loan? Round answer to the nearest whole dollar. Do not use a negative sign with your answer. $ 32,463