(Solved): Your apartment lease in Bloomington calls for a monthly payment (due at the beginning of each month ...

Your apartment lease in Bloomington calls for a monthly payment (due at the beginning of each month) of

for 12 months. If an investor needs

to assume the risk of leasing to a college student, what is the value of your lease contract? [Show your answer in dollars and cents] [HINT: instead of number of years and interest rate per year, this question is number of months and interest rate per month; be consistent with your Time Value of Money calculations]