A company borrowed an amount of 400,000 dinars for a period of four years at a compound interest at an annual rate of 5% and pledged to repay the loan and its interest together in equal installments, each of which pays the end of the loan period. Find the following: 1) the value of the fixed payment 2) the form of the loan amortization table rounded to the nearest dinar 3) Calculate the amount Paid after the second payment 4) Calculate the remaining amount after paying the third payment
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 company borrowed an amount of 400,000 dinars for a period of four years at a compound interest at an annual rate of 5% and pledged to repay the loan and its interest together in equal installments, each of which pays the end of the loan period. Find the following: 1) the value of the fixed payment 2) the form of the loan amortization table rounded to the nearest dinar 3) Calculate the amount Paid after the second payment 4) Calculate the remaining amount after paying the third payment
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