It is now january 1st you just took out a car loan with the, Financial Management

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It is now january 1st you just took out a car loan with the

It is now January 1st. You just took out a car loan, with the following April Fool’s Day promotional feature. You must make monthly payments of $275 each month for three years, with the first payment being due one month from now (Feb 1). However, the sales promotion says you do not have to make any payments each April 1st (so there are only 33 payments instead of 36). The monthly interest rate is 0.4%. What is the present value of this loan?

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