What can I add to -4.2 to get -3
2 answers:
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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.