In buying a farm worth P 1,500,000 cash, the purchaser pays P 500,000 cash and agrees to pay the balance including interest at x % compounded semi - annually, by a sequence of 8 equal semiannual payments of P 178,118.98, the first due at the end of 4 years. Find x.
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.
In buying a farm worth P 1,500,000 cash, the purchaser pays P 500,000 cash and agrees to pay the balance including interest at x % compounded semi - annually, by a sequence of 8 equal semiannual payments of P 178,118.98, the first due at the end of 4 years. Find x.
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