You are offered $12,000 for an annuity at 3.9% compounded monthly

Question

for 6 yrs what would the monthly payments be?

Answer 1

I assume the $12,000 is the present value

i = .039/12 = .00325
n = 6(12) = 72
Payment = p

p( 1 - 1.00325^-72)/.00325 = 12000

solve for p