What is the value today of Annette's first offer?"

I've been struggling with this one. Don't know if I should be deducting the down payment from principle and how I should be applying my future value and present value formulas. I know I divide the 4.77% interest by 12 to find my periodic interest and then use it in my formulas but for some reason I'm coming up wrong every time.

Help? Thank you so much.