Present Value of Future Payments Florence Clark purchased a house for $300,000. She paid cash of 10% of the purchase price and signed a mortgage for the remainder. She will repay the mortgage in monthly payments for 30 years, with the first payment to occur in one month. The interest rate is 7.5% compounded monthly. What is the present value of Florence’s monthly mortgage payments after 12 payments have been made? Use a financial calculator instead of the compound interest tables. Round monthly payment amount to the nearest cent, and your final answer to the nearest dollar.