11. An original debt required payments of $3000 due in 5 months as well as $5000 due in 10 months. Instead, it is agreed that a payment of X dollars, made in 4 months, followed by a payment of $4000 in 11 months, will replace the original set of debt payments. Using 10 months as the focal date, what is X if the simple interest rate on the loan is r = 12%?
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.
11. An original debt required payments of $3000 due in 5 months as well as $5000 due in 10 months. Instead, it is agreed that a payment of X dollars, made in 4 months, followed by a payment of $4000 in 11 months, will replace the original set of debt payments. Using 10 months as the focal date, what is X if the simple interest rate on the loan is r = 12%?
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