Lukas Center acquired a new Laser Machine worth ₱580,000.00. The center plans to pay 35% advance payment and the balance by quarterly payments for 7 years. Money is worth 9% converted quarterly. How much is the balance that must be amortized every three months? How many quarterly payments must be made to settle the obligation?
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.
Lukas Center acquired a new Laser Machine worth ₱580,000.00. The
center plans to pay 35% advance payment and the balance by quarterly payments for 7 years. Money is worth 9% converted quarterly.
How much is the balance that must be amortized every three months?
How many quarterly payments must be made to settle the obligation?
Which of the following refers to the quarterly payments?
Step by step
Solved in 2 steps with 1 images
