. Find the equivalent interest rate per payment interval j, present value P and amount F. 1. Semi-annual payments of P500 at the end of each term for 10 years with interest rate of 5% compounded semi-annually 2. Quarterly payments of P2,000 at the end of each term for 5 years with interest rate of 8% compounded annually
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.
1. Find the equivalent interest rate per payment interval j,
1. Semi-annual payments of P500 at the end of each term for 10 years with interest rate of 5% compounded semi-annually
2. Quarterly payments of P2,000 at the end of each term for 5 years with interest rate of 8% compounded annually
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