Question 1194574
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We'll use this formula
FV = P*( (1+i)^n - 1 )/i
which is the ordinary future value annuity


where,
FV = future value
P = monthly payment
i = interest rate per month in decimal form
n = number of months


In this case,
FV = 22500 dollars
P = unknown
i = 0.04/12 = 0.003333 approximately
n = 10*12 = 120 months (equivalent to 10 years)


Let's solve for P
FV = P*( (1+i)^n - 1 )/i
22500 = P*( (1+0.003333)^120 - 1 )/0.003333
22500 = P*147.246699190856
P = 22500/147.246699190856
P = 152.804783561472
P = 152.80


Answer: <font color=red>$152.80</font>
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