A local restaurant decides to take out an amortized loan as follows: Amount of loan = $50,000; Interest rate = 8%; Term = 5 years. What should be the annual instalment a. $15,522 b. $12,523 c. $12,420 d. $10,560

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A: Given  Pv=300000*75%=225000 i=6%/12=0.5% n=30*12=360 Pv=pmt*(1-(1+i)^-n)/i

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A: Hi, there, Thanks for posting the question. As per our Q&A honour code, we must answer the first…

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A: Here, To Find: Part A. Payment per $1,000 =??? Part B. Monthly mortgage payment =????

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A: A mortgage is a loan on a property where the collateral is the property itself.

Q: A pottery factory purchases a continuous belt conveyor kiln for $48,000. A 6.2​% APR loan with…

A: given,  pv=$48,000 r=6.2%=6.2%12 pmt=$428.13​,

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A: Answer: Principal balance = $ 5000 rate = 7.5% time = 4 years

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A: Loan amount = $25,000Interest rate = 9%Number of years = 30 years

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A: “Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

Q: Assume you borrowed $20,000 and the terms of the loan include paying 4% interest for a period of 10…

A:

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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.