a. The OP at the end of 3 years. b. OP after the 45th payment. c. Estimate how many payments needed to settle the loan.
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 debt of P100,000 with interest at 24% compounded monthly, will be amortized by monthly payments of P 1000 as long as necessary. Use both prospective and retrospective methods.
a. The OP at the end of 3 years.
b. OP after the 45th payment.
c. Estimate how many payments needed to settle the loan.
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