A condominium unit is being amortized with a quarterly payment of P56,000 for 5 years at 3% compounded quarterly. The owner's outstanding balance is P2,000,000. If an amortization schedule will be created, how many terms will there 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.
A condominium unit is being amortized with a quarterly payment of P56,000 for 5 years at 3% compounded quarterly. The owner's outstanding balance is P2,000,000. If an amortization schedule will be created, how many terms will there be?
Step by step
Solved in 2 steps with 6 images
