SOLUTION: Can you please help me with this question? Determine the present value of a 30-year loan with an annual interest rate of 6.5% with loan payments of $1856.82. Interest is charged 1

Question 125457: Can you please help me with this question?
Determine the present value of a 30-year loan with an annual interest rate of 6.5% with loan payments of $1856.82. Interest is charged 12 times per year.
My answer options are:
a.$423,781.90
b.$668,455.20
c.$185,229.37
d.$293,769.01
Please try and reply back to me as soon as possible, thank you!!!!!
Answer by Fombitz(32388) (Show Source): You can put this solution on YOUR website!

where c is the monthly payment, P is the principal, r is the monthly interest rate, N is the total number of months.
c=1856.82
r=6.5/100/12=.005417
N=30*12=360

The answer is D.
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