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Follow the link Present Value of Annuity Formula. This will direct you to a spreadsheet download that may be useful for checking your work for

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Follow the link Present Value of Annuity Formula. This will direct you to a spreadsheet download that may be useful for checking your work for the exercise. A logo design company purchases four new computers for $12,500. The company finances the cost of the computers for 3 years at an annual interest rate of 6.125% compounded monthly. Find the monthly payment (in dollars) for this loan. (Round your answer to the nearest cent. See Example 8 in this section.)

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