Answer
$\$ 307.24$
Work Step by Step
We are given:
$A_{p}=12000, i=\frac{0.105}{12}=0.00875, n=4*12=48$
The present value of an annuity is given by:
$A_{p}=R \frac{1-(1+i)^{-n}}{i}$
We solve for $R$:
$R=\frac{iA_{p}}{1-(1+i)^{-n}}:$
$R=\frac{(0.00875)(12000)}{1-(1+0.00875)^{-48}}=\$ 307.24$
