A certain amount was borrowed for 5 years at 6% simple interest. After which, the amount was not paid, and was instead renewed for another 8 years at 10% compounded semi annually. If you have paid P100,000 at the end, how much did you borrow?
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.
A certain amount was borrowed for 5 years at 6% simple interest. After which, the amount was not paid, and was instead renewed for another 8 years at 10% compounded semi annually. If you have paid P100,000 at the end, how much did you borrow?
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