A LOAN WAS TO BE AMORTTIZED BY A GROUP OF SIX END-OF YEAR PAYMENTS FORMING AM ASCENDING ARITHMETIC PROGRESSION. THE INITIAL PAYMENT WAS TO BE 15,000 Php AND THE DIFFERENCE BETWEEN SUCCESSIVE PAYMENTS WAS TO BE 1000 Php. BUT THE LOAN WAS REGOTIANATED TO PROVIDE FOR THE PAYMENT OF EQUAL RATHER THAN UNIFROMLY VARYING SUMS. IF THE INTEREST RATE OF THE LOAN WAS 16%, WHAT WAS THE ANNUAL PAYMENT? FROM PROBLEM 1., FIND THE EQUIVALENT ANNUAL PAYMENT OF THE FOLLOWING OBLIGATIONS AT 21% INTEREST?
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.
1.A LOAN WAS TO BE AMORTTIZED BY A GROUP OF SIX END-OF YEAR PAYMENTS FORMING AM ASCENDING ARITHMETIC PROGRESSION. THE INITIAL PAYMENT WAS TO BE 15,000 Php AND THE DIFFERENCE BETWEEN SUCCESSIVE PAYMENTS WAS TO BE 1000 Php. BUT THE LOAN WAS REGOTIANATED TO PROVIDE FOR THE PAYMENT OF EQUAL RATHER THAN UNIFROMLY VARYING SUMS. IF THE INTEREST RATE OF THE LOAN WAS 16%, WHAT WAS THE ANNUAL PAYMENT?
FROM PROBLEM 1., FIND THE EQUIVALENT ANNUAL PAYMENT OF THE FOLLOWING OBLIGATIONS AT 21% INTEREST?
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