A $17000 loan is to repaid by monthly payments of $390, the first payment is due in one year's time. If interest is charged at a rate of 1a- 10%. determine the number of regular monthly payments and the size of the final larger payment. Number of payments: bFinal larger payment: $

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A: A. Amount outstanding at the end of 2nd Year           $ 3000 (1+0.08/2)2x2 $3509.57568 B.…

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A:

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A: Loan amount = $ 1,500,000Number of years of loan = 13APR= 7.53%

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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.