A debt of 4,400 with interest at 2.5% payable semi annually will be discharged by payment of 600 at the end of each 7 periods as long as necessary, with a final smaller payment of 7 periods after the last 600 is paid due to COVID19. How much will be the beginning amount after the last period? How much will be the final payment after the last period? How much will Be the interest after the last period? Give the amortization schedule containing the period, beginning amount, payment, interest, repayment and ending balance. Show the solution.
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 debt of 4,400 with interest at 2.5% payable semi annually will be discharged by payment of 600 at the end of each 7 periods as long as necessary, with a final smaller payment of 7 periods after the last 600 is paid due to COVID19. How much will be the beginning amount after the last period? How much will be the final payment after the last period? How much will Be the interest after the last period? Give the amortization schedule containing the period, beginning amount, payment, interest, repayment and ending balance.
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