#15.3) Ryan takes out a 25 year loan of the amount V with payments of the loan yearly at years end. For the first 15 payments, Ryan decided to give 200 percent of the amount of interest due. The last ten payments, X, the bank charges an effective annual rate of 5 percent. Calculate X as a function of V. if V=10000 what is the associated principal paid on the 20th payment.

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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.