A 3,000,000 peso loan is to be amortized at 4.55% quarterly for 2 years. Solve for the value inside (1) Period 0 1 2 3 4 5 6 7 8 Periodic Payment (1) 393,231.23 pesos 395,616.77 pesos 394,448.58 pesos 394,768.39 pesos Interest Payment (2) 21,688.56 (4) 13,160.04 Principal Repayment 377,000.17 (5) 390,012.19 Outstanding Balance 3,000,000.00 (3) 1,533,926.58

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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.