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1 answer:
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Ignoring the "?" in your question:
If the "?" is a squared symbol that wasn't caught:
Use the quadratic formula
to get the solutions:
as you can see, the discriminant is negative, so the equation has no solution.
Given Information:
Monthly payment = MP = $1500/4 = $375
Monthly interest rate = r = 25/12 = 2.083%
Required Information:
Present Value = ?
Answer:
Explanation:
n = 10*4
n = 40 monthly payments
The present value is found by
Where r is monthly interest rate.
MP is the monthly payment.
Therefore, $10,110 is the present value of 10 quarterly payments of $1500 each at 25% interest rate compounded each month.