A debt of P100,000 with interest at the rate of 18% compounded semi-annually is to be amortized by 5 equal payments at the end of each 3 months, but the first payment is to be made after 9 months. Find the quarterly payment and construct an amortization schedule. The interest for the first 2 quarters were still not paid. Table Format: Year Principal Interest Amortization Principal Repaid Outstanding Balance
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 P100,000 with interest at the rate of 18% compounded semi-annually is to be amortized by 5 equal payments at the end of each 3 months, but the first payment is to be made after 9 months. Find the quarterly payment and construct an amortization schedule.
The interest for the first 2 quarters were still not paid.
Table Format:
Year Principal Interest Amortization Principal Repaid Outstanding Balance
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