Problem $5-29$ Annuities $($LO$3)$

You can buy a car that is advertised for $$20,520$ on the following terms: $($a$)$ pay $$20,520$ and receive a $$5,520$ rebate from th manufacturer; $($b$)$ pay $$570$ a month for $3$ years for total payments of $$20,520,$ implying zero percent financing.

a$.$ Calculate the present value of the payments for option $($a$)$ if the interest rate is $1\mathrm{.}25\%$ per month.

Present value