Explain what every term means in the two formulas below and explain what they are used to calculate.

Then pick the appropriate formula to solve the problems.

| 1 - 1 + 1 - 1 11) The Chretiens bought a rental property valued at $125 000.00 by paying 25% down and mortgaging the balance over 21.5 years through equal payments at the end of each quarter at 8.6% compounded quarterly. What was the size of the quarterly payments? 12) How many monthly payments will it take for $1000.00 deposited at the end of each month to amount to $50000.00 at 9% compounded monthly