Math Problem Statement
A lease valued at $30000 requires payments of $4500 every three months. If the first payment is due two years after the lease was signed and interest is 12% compounded quarterly, what is the term of the lease?
Solution
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Math Problem Analysis
Mathematical Concepts
Finance
Compound Interest
Present Value
Annuities
Formulas
Present Value of Annuity Formula
Theorems
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Suitable Grade Level
Professional
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