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.
find the
principal: $300
rate: 8%
time: 9 years
Future value is the nominal value of the today’s amount at some specified future date for the given interest rate.
Given Information:
Present value is $300
Rate is 8%
No. of years is 9
Formula used:
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