3,500 [1-(1+.045/12)-180]

PV=3,500[1-(1.00375)^-180] / .00375

PV=3,500[1- .509800] /.00375

PV=3,500 x 130.720101

PV=$457,520.35 This is the PV of an annuity or a loan with a montly payments of $3,500 @4.5% comp. monthly over a period of 15 years.