A house costs Php 2 500 000 cash. A purchaser will pay Php 1 200 000 cash and a sequence of 8 equal annual payments, the first due at the end of 3 years. If money is worth 7 % , find the annual payment. a. Php 371 811 b. Php 249 254 c. Php 155 286 d. Php 489 166
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 house costs Php 2 500 000 cash. A purchaser will pay Php 1 200 000 cash and a sequence of 8 equal annual payments, the first due at the end of 3 years. If money is worth 7 % , find the annual payment.
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