n is the number of times per year the interest is compounder.

Since there are 12 months in a year, n = 12

Edwin

            with:

 being the present value

 being the payment amount 

 being the annual interest rate

 being the number of payment periods per year, and

 being the time, in years

If done correctly, the present value of this ordinary annuity, or  should be: 

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