You want do some renovations on your home and have sourced two competitive contractors for pricing information. Their payment structures are as follows:

Contractor 1 requires a down payment of $8,000 and monthly payments of $2,200 for 6 months.

Contractor 2 requires a down payment of $10,000 and a single payment of $12,000 in 4 months.

If interest is 4.3% compounded monthly, determine the current economic value of each contractors offer. In todays dollars, what is the economic advantage of the preferred alternative?