160000 TL loan is being repaid by installments of 2250 TL at the end of each month for as long as necessary, plus a final smaller payment. If interest is at J12 = 12%, find the outstanding balance at the end of 7 years.
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.
160000 TL loan is being repaid by installments of 2250 TL at the end of each month for as long as necessary, plus a final smaller payment. If interest is at J12 = 12%, find the outstanding balance at the end of 7 years.
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