2)A house and lot was offered for sale for P 10 million if paid in cash. However, an instalment basis is an option wherein the buyer needs to pay P 2.5 million as down payment and remaining balance be paid after within a five-year period. Payments are of the following condition: an equal-end of a quarter payments of P 600, 000 for a period of two years, then an end of a monthly payments for a period of three years in which monthly payments decreases by P 1000 until the last monthly payment. Money is 12% effective. a)What was the amount of the first monthly payment? b)What was the amount of the 20th monthly payment? c)Find the sum of all the payments. d)If remaining balance be paid by an equal-end of a semi-annual payments instead of the above condition, how much would it then be?
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.
2)A house and lot was offered for sale for P 10 million if paid in cash. However, an instalment basis is an option wherein the buyer needs to pay P 2.5 million as down payment and remaining balance be paid after within a five-year period. Payments are of the following condition: an equal-end of a quarter payments of P 600, 000 for a period of two years, then an end of a monthly payments for a period of three years in which monthly payments decreases by P 1000 until the last monthly payment. Money is 12% effective.
a)What was the amount of the first monthly payment?
b)What was the amount of the 20th monthly payment?
c)Find the sum of all the payments.
d)If remaining balance be paid by an equal-end of a semi-annual payments instead of the above condition, how much would it then be?
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