If the interest rate is 103pa compounding monthly what is


You have the alternative of paying for university fees today for a payment of $15,000 or, you can select a payment plan where you pay $8,000 in 12 months from today and another $11,000 in exactly 21 months from today. If the interest rate is 10.3%p.a. compounding monthly, what is the advantage that the payment plan has over the upfront payment?

(Expressed in present day value rounded to the nearest cent; do not show $ sign or comma separators; if the payment plan is more costly than $15,000 today, your answer will show a negative eg. -300.35)

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Finance Basics: If the interest rate is 103pa compounding monthly what is
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