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Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
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- Hy Potenuse bought a $10,000 T-bill at a 0.115 percent discount rate for13 weeks (91 days).a. How much does Hy pay for the bill?b. What is the effective rate of interest?c. Who is the borrower?Daryl borrowed $5,440 for 4 years. If the loan's annual simple discount rate was 4.1%, how much did he have to return?#5 Hy Potenuse bought a $10,000 T-bill at a 0.115 percent discount rate for 13 weeks (91 days). How much does Hy pay for the bill? What is the effective rate of interest? Who is the borrower? The Government
- Mr. Jones borrows P2,000 for 90 days and pays P35 interest. What is his effective rate of interest?Joshua borrowed $800 for one year and paid $40 in interest. The bank charged him a service charge of $7. If Joshua paid the $800 in 12 equal monthly payments, what is the APR?Jon buys a car for $25,000. He pays $5000 down and pays the balance in 60 equal monthly payments. If the interest rate is 4% monthly, what is the size of the monthly payment?
- Suppose Bill purchases a car and he is going to finance $11,700 for 48 months at an APR of 7.8% compounded monthly. Find the monthly payments on the loan. The monthly payment is:Peter has borrowed $8,600 to pay for his new car. The annual interest rate on the loan is 7.4 percent, and the loan needs to be repaid in four payments. What will be his annual payment if he begins his payment today now? (Round to the nearest dollar.) a. $2,850 b. $2,656 c. $2,385 d. $2,448Grace borrowed P150,000 payable in 2 years. To repay the loan, she must pay an amount every month with an interest rate of 6% compounded monthly. How much should he pay every month? P6,468.09 P6,648.90 P6,648.09 P6,684.09
- Chris invested $2,000 in savings bonds. If the bonds earn 8.75% interest compounded semi-annually, how much total will Riley earn in 10 years? Monthly means how many times a year?A. Zoey deposits $500.00 every quarter into an account earning 5% interest compounded quarterly. How much will Zoey have in the account in 15 years? Zoey will have $44287.25 in the account in 15 years. B. Alternatively, Zoey could make a single deposit into an account earning 5% compounded quarterly for 15 years. How much would the lump sum deposit (single deposit) have to be in order to have saved the same amount of money in the account? Zoey would have to make a lump sum deposit of_____James borrows $10,000 from the bank. By the time the loan is repaid, James has paid thebank $10,400. What does the additional $400 represent?A Inflation rateB Purchasing power of moneyC InterestD Investmen