A gasoline engine is available on installment basis with a down payment of 10,668 and 2,326 at the end of each month for one year What is the cash price of the engine if interest is set at 9% compounded monthly if payments are done every beginning of the month? please include the solution. thank you
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 gasoline engine is available on installment basis with a down payment of 10,668 and 2,326 at the end of each month for one year What is the cash price of the engine if interest is set at 9% compounded monthly if payments are done every beginning of the month?
please include the solution. thank you
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