A house and lot costing ₱2 million was bought at a down payment of ₱500,000 and ₱1 million after one year. The remaining balance will be paid at the end of the fourth year. If the interest rate is 24% compounded semi-annually, what is the required payment?
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 house and lot costing ₱2 million was bought at a down payment of ₱500,000 and ₱1 million after one
year. The remaining balance will be paid at the end of the fourth year. If the interest rate is 24%
compounded semi-annually, what is the required payment?
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