Business Math (deferred on annunity)

Hi guys,


I just finish this question. Not to sure if I did it right or not. Can someone double check it for me? Thanks



A lease contract, signed February 1, 2005, that has a cash value of $64,000 requires payments at the beginning of each month for seven years, beginning February 1, 2007. The payments are deferred for two years and interest is 8% compounded quarterly.


What is the size of the monthly payment?


ANSWERS

8%/4=2%
FV=PV (1+I) ^N
64000(1.0200)^2
=66585.60

PV=PMT [ 1-(1+I)^-N]
I
66,585.620=PMT[1-(1.0200)^-5]
0.0200
66,585.60=PMT (4.7135)
PMT=66,585.60 = 14126.57

Too much doubting. You tell me if it is correct.

Hmm I don't think its correct but not sure where is the mistake?

You're not trying very hard.

"-5"??? How is that 7 years of monthly payments?

"0.0200" in the denominator? Are you sure that's the BEGINNING of the month?