Before we begin we need to know what a quarterly payment is.
Quarterly is every 3 months. This is because a quarter is a fourth part, 1/4 th. A year consists of 12 months.
40 years = $1,000,000
Divide 1,000,000 by 40. this will be the amount yearly.
1,000,000 / 40 = 25,000
Then divide this by 4. You get 6,250.
Next, we need to add the interest rate. The interest rate is 7%.
multiply 6250 by 0.7 to get 4375. Add this to 6250.
6250 + 4375 = 10, 625
Hope this helps ^w^
