11) A real estate developer bought land for $170 000.00 down and monthly payments of $10 450.00 for 5 years. What is the equivalent cash price if money is worth 7.75% compounded semi-annually? $689,933.00 $519 945 24 O $519 933.24 S689,933 24 O $520 933.24

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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.