A company will borrow a loan to finance a 10-year project that will require an initial installation cost of ₱2,500,000. After 2 years another P500,000 and a regular annual upkeep cost of ₱75,000 paid every end of the year. If the interest rate of the loan is 2% per annum, what amount should be loaned?
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 will borrow a loan to finance a 10-year project that will require an initial installation cost of ₱2,500,000. After 2 years another P500,000 and a regular annual upkeep cost of ₱75,000 paid every end of the year. If the interest rate of the loan is 2% per annum, what amount should be
loaned?
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