A loan for $16,000 is secured to pay for a new boat to use at the owner’s lake house. The loan is for 7.65% for 5 years, with constant monthly payments. The __________ of the payments will increase as time goes on.
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 loan for $16,000 is secured to pay for a new boat to use at the owner’s lake house. The loan is for 7.65% for 5 years, with constant monthly payments. The __________ of the payments will increase as time goes on.
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