A equal principal payment loan of $3000 is amortized by means of 12 quarterly payments, beggining one quarter after the loan is made. The interest rate is 8% APR compounded quarterly. a. What is the total payment due the second quarter? b. What is the current portion of debt in the 4th quarter?
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.
A equal principal payment loan of $3000 is amortized by means of 12 quarterly payments, beggining one quarter after the loan is made. The interest rate is 8% APR compounded quarterly.
a. What is the total payment due the second quarter?
b. What is the current portion of debt in the 4th quarter?
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