Question 1193770
**1. Calculate the Present Value of the Quarterly Payments:**

* **Quarterly Interest Rate:** 10% annual interest / 4 quarters per year = 2.5% per quarter (0.025)
* **Number of Payments:** 7 years * 4 quarters/year = 28 payments

* **Present Value of an Ordinary Annuity Formula:**

   Present Value = Payment * [(1 - (1 + r)^-n) / r] 
   
   Where:
     * Payment = $15,000
     * r = Quarterly interest rate (0.025)
     * n = Number of payments (28)

* **Calculate:**
   Present Value = $15,000 * [(1 - (1 + 0.025)^-28) / 0.025] 
   Present Value ≈ $15,000 * 19.9635 
   Present Value ≈ $299,452.50

**2. Calculate the Cash Price of the Property**

* Cash Price = Down Payment + Present Value of Payments
* Cash Price = $150,000 + $299,452.50
* Cash Price = $449,452.50

**Therefore, the cash price of the property is approximately $449,452.50.**