George S. answered • 10/30/21

Goal oriented inspiring and pragmatic Math and Accounting tutor

The first step is to figure out what type of problem is this: It's an annuity for sure, and it's a delayed one, so use the deferred annuity formula. **P * [1 – (1 + r)**^{-n}**] / [(1 + r)**^{t}*** r]**

- P = Annuity Payment
- r = Rate of Interest
- n = Number of Periodic Payments
- t = Period of Delay

P here is 280, n is 18 and t is 6 and r is 6%. Solve for the above equation.