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