Computing the Present Value of an Annuity

Nicholas receives loan proceeds today from a financial institution. Nicholas agrees to pay the financial institution $5,000 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 6.4%, what is the present value of the loan?

• Round answer to the nearest whole dollar.
• Do not use a negative sign with your answer.