(For items 10-12) A car is to be purchased in monthly payments of P17,000 for 4 years starting at the end of 4 months. How much is the fair market value of the car if the interest rate used is 12% converted monthly and down payment is 65,000? _____10. How many conversion period/s given in a year (m)? A. 1 B. 2 C. 4 D. 12 _____11. How many payments are needed to do in the given time (n)? A. 4 B. 16 C. 48 D. 52 _____12. What value of j must be used? A. 0.012 B. 0.12 C. 0.03 D. 0.01
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.
(For items 10-12)
A car is to be purchased in monthly payments of P17,000 for 4 years starting at the end of 4 months. How much is the fair market value of the car if the interest rate used is 12% converted monthly and down payment is 65,000?
_____10. How many conversion period/s given in a year (m)?
A. 1 B. 2 C. 4 D. 12
_____11. How many payments are needed to do in the given time (n)?
A. 4 B. 16 C. 48 D. 52
_____12. What value of j must be used?
A. 0.012 B. 0.12 C. 0.03 D. 0.01
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