Bad credit, defined by FICO as a score of 300 to 629, is a common reason that lenders reject small-business loan applications. Borrowers with poor credit scores are considered at higher risk of defaulting on a loan. Still, even with bad credit, you have financing options, including online loans.
Answer:
$427,011.92
Explanation:
We use the present value formula i.e to be shown in the attached spreadsheet
Given that,
Future value = $0
Rate of interest = 7.5%
NPER = 15 years
PMT = $45,000
The formula is shown below:
= -PV(Rate;NPER;PMT;FV;type)
And, in type we write the 1 instead of 0
So, after solving this, the present value is $427,011.92