Assume that you can get a loan from NCB for $264,500 for three years to buy an item of your choosing. The loan must be repaid in 36 equal monthly payments. The annual interest rate on the loan is 12 percent of the unpaid balance. How large are the monthly payments?
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.
Assume that you can get a loan from NCB for $264,500 for three years to buy an item of your choosing. The loan must be repaid in 36 equal monthly payments. The annual interest rate on the loan is 12 percent of the unpaid balance. How large are the monthly payments?
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