I do not understand how this question got to the answer of 19,406.0197.

19. Consider a $15,000 loan with interest at 12% compounded monthly and 24 monthly payments. How much will the constant) loan payment be? Set up the payment schedule for the first four months, indicating the amount and timing of principal and interest payments respectively. Answer: From Lecture Notes 6 Page 40, we know how to bring annuity to its future value. In this question, the constant loan payment's FV should equal to $15,000 * (1 + 12%/12)12*2 = $19,046.0197 Thus, C((1 + 1%)24 1) / 1% = $19,046.0197