You want to 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 $12,000 and month end payments of $2,000 for six months.

Contractor 2 requires a down payment of $10,000 and a single payment of $15,000 in 9 months.

If interest is 4.8% compounded monthly, determine the current economic value of each contractors offer. In todays dollars, what is the economic advantage of the preferred alternative?