ZULU Mortgagors offers houses for sale on mortgage terms of 50% down payment of the property value and balance amortized over a four year period. Assuming you purchased a house valued at K450, 000,000 and paid the 50% down initial amount agreeing to pay the balance in four equal annual installments that include principle and 8.2% interest. Calculate the annual installment and draw the amortization schedule for this loan.
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.
b.ZULU Mortgagors offers houses for sale on mortgage terms of 50% down payment of the property value and balance amortized over a four year period. Assuming you purchased a house valued at K450, 000,000 and paid the 50% down initial amount agreeing to pay the balance in four equal annual installments that include principle and 8.2% interest. Calculate the annual installment and draw the amortization schedule for this loan.
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